The police this morning, March 6, cordoned off a section of the street for a search on the seventh and eighth floors of a building where F88 is headquartered, the local media reported.

F88, which makes loans to customers who have motorcycles, cars, laptops or smartphones as collateral, has hundreds of debt collectors. The firm is alleged to have threatened its customers who have not been able to repay.

Founded in 2013, F88 has been running 830 branches nationwide.

Regarding the firm’s operations in Thanh Hoa Province, in early February, the provincial police issued records of administrative violations to some of its branches in Tan Son, Dien Bien, Ba Dinh, Quang Tam, Dong Son and Dong Tho wards.

These branches were found violating regulations on administrative management and receiving customers’ assets as collateral but not storing these assets during the time of mortgage.

The Ministry of Public Security and the police in many cities and provinces have recently busted several illegal debt collection rings. Hundreds of thousands of people have been threatened with physical and mental violence for their late debt payments.

On February 14, the police searched the headquarters of Phap Viet Law Company in Tan Binh District in HCMC, caught 133 debt collectors red-handed and seized hundreds of laptops, computers and smartphones.

Source: Saigon Times