A loan shark ring exploited iPhone iCloud accounts to lock borrowers' devices and extort repayments at over 600% annual interest.
Da Nang police have dismantled a high-tech cross-border loan shark ring that charged interest rates exceeding 600% annually. The suspects used iCloud accounts to remotely lock borrowers’ iPhones as a form of coercion.
On the evening of August 25, Da Nang City Police announced that the Criminal Police Division (PC02) had successfully cracked down on an illegal lending ring that operated across multiple provinces with a disturbing new tactic: exploiting borrowers' iCloud accounts to seize control of their smartphones, thereby extorting repayments.
iCloud weaponized to trap borrowers
The suspects in the high-tech loan shark ring. Photo: Thanh Ca
According to the investigation, the suspects required loan applicants to log into an iCloud account provided by the lender on their personal iPhones. They were also compelled to submit images of their ID cards and other personal documents.
Based on the iPhone model, the group offered loan packages ranging from VND 2 million to 13 million (USD 80 to 520), but the actual annual interest rate reached between 235% and 608% - 11 to 30 times the legal limit in Vietnam. Borrowers were forced to make daily repayments of VND 100,000 to 430,000 (USD 4 to 17) over a 28- to 41-day period.
If a payment was missed, the group would remotely lock the iPhone via iCloud, effectively rendering the device unusable. They then bombarded the borrower with threatening calls and text messages to force repayment.
Targeting victims online
To lure victims, the ring created numerous Facebook and Zalo accounts using virtual phone numbers and ran aggressive online advertisements with slogans like “fast loans - instant disbursement.”
Deeming the operation highly organized and a serious threat to public order nationwide, Da Nang police launched a formal investigation on August 16. Multiple specialized teams were mobilized.
After days of surveillance, police carried out simultaneous raids on August 20 in Hanoi, summoning seven suspects. The ringleaders were identified as Tran Duc Anh (born 1996) and Tran Duc Nhan (born 2001), who managed all loan operations.
The other suspects include: Nguyen Thanh Dat (born 2005), Hoang Anh Tuan (born 1998), Ta Dien Thuan (born 2006), Nguyen Quang Vinh (born 2008), and Nguyen Hoang Trung Hieu (born 2008).
Da Nang police describe the tactic as an extremely dangerous form of high-tech loan sharking. Photo: Thanh Ca
Thousands of victims and billions in illegal profits
Confiscated evidence included multiple iPhones, MacBooks, computers, SIM cards, and various documents. During interrogation, the suspects admitted to using iCloud to control borrowers and “lock” them into repayment.
From August 2024 to August 2025 alone, the ring serviced 2,598 borrowers with 8,735 total loan transactions, disbursing over VND 43.8 billion (about USD 1.75 million) and earning an illegal profit of nearly VND 9.6 billion (USD 383,000).
In Da Nang specifically, 111 victims fell into the trap, taking out 294 loans totaling VND 1.4 billion (USD 55,800), netting the group over VND 300 million (USD 12,000) in profit.
Vietnamnet.vn
Podcast
.svg){kind=icon}
