Quang Ninh police bust loan shark operation with 360% annual interest

The detainees are Nguyen Hoang Hai, 28, from Quang Ninh; Ngo Hai Nam, 29, from Hanoi; Nguyen Tien Thanh, 26, from Phu Tho Province; and Do Minh Tu, 30, and Huynh Chi Cong, 25, both from Ho Chi Minh City.

They were caught red-handed on May 23 while conducting usurious lending activities in a unit at Topaz condo building in Tan Phu District, Ho Chi Minh City.

Police have identified Tu as the ringleader, orchestrating operations across Quang Ninh, Ha Noi, and Ho Chi Minh City.

Tu directed social media ads offering “iCloud account collateral” for new iPhone versions, coercing borrowers into surrendering control of their devices to settle unpaid debts.

Borrowers were also required to submit personal information including photos, citizen ID numbers, bank account details, and even relatives’ phone numbers.

Charging an extortionate 30 percent interest per month, equivalent to 360 percent per year, the group executed over 9,000 usurious loan transactions, victimizing thousands across multiple provinces and cities.

Initial investigations indicate they illegally profited more than VND5 billion (US$193,000).

Investigators are expanding their probe into the ring's operations.