Prosecuted man lending money at "exorbitant" interest rate of 730%/year

On November 13, Bac Giang Provincial Police announced that the Investigation Police Agency of Hiep Hoa District Police had prosecuted Nguyen Van Tan (50 years old, resident of this district) for the crime of Loan sharking in civil transactions.

According to authorities, Tan did not have a stable job. At the end of 2022, Tan lent money to many people in Hiep Hoa district at an interest rate of 5,000-20,000 VND/million/day, equivalent to 182.5-730%/year.

When the borrower was unable to repay, Tan would "fine" and add the fine and interest to the new loan. At the same time, the defendant also used force, threats, and forced the borrower to repay.

Hiep Hoa District Police have established a special case to investigate Nguyen Van Tan's criminal behavior. On October 16, the authorities caught Tan red-handed extorting 200 million VND from Ms. T. (39 years old).

On October 25, authorities prosecuted and temporarily detained Nguyen Van Tan for 4 months on charges of Extortion and Illegal possession of drugs.

During the investigation so far, the police determined that Tan's illegal profits from loan sharking were more than 400 million VND.