The Police Department of Quang Nam Province has successfully dismantled the largest online loan-sharking network to date. (Photo courtesy of Quang Nam Provincial Police)

Specifically, the Quang Nam Provincial Police have uncovered a criminal group led by Chinese nationals, which operated through intermediary companies to offer loans with exorbitant interest rates, amounting to a staggering VND20 trillion, and illicitly gained profits exceeding VND8 trillion.

Additionally, the group was involved in money laundering schemes and unlawfully transferred more than VND5 trillion out of Vietnam.

Previously, the Quang Nam Provincial Police found a concerning situation where numerous individuals were enticed to install fast loan applications, resulting in borrowing money at exorbitant interest rates.

This illegal operation has been ongoing since December 2020, orchestrated by a group of Chinese individuals colluding with Vietnamese counterparts.

They utilized various bogus commercial entities to organize high-interest lending activities. Utilizing the "Great Vay" application, these suspects provided loans to more than 1 million people with an interest rate exceeding 2,346 percent per annum.

After conducting verification, it has been determined that the mentioned group of individuals forms an organized criminal gang, exhibiting close coordination and collaboration between the main Chinese masterminds and the Vietnamese assistants.

The individuals established dozens of bogus companies and utilized thousands of bank accounts to circulate money for "money laundering" and "illegal cross-border money transfers."

Additionally, they engaged in mafia-like debt collection activities, which led to disorder and negative public perception.

On July 3, the Quang Nam Provincial Police's Investigation Security Agency collaborated with forces from the Ministry of Public Security and local authorities to conduct the investigation.

As a result, the police clarified the methods, tactics, and actions of the individuals involved, leading to the dismantlement of an organized, transnational criminal network. This network comprised several gangs operating under the direction of 11 leaders (including three Chinese nationals) with the assistance of 49 Vietnamese accomplices.

A mobile application for lending. (Photo courtesy of Quang Nam Provincial Police)

The Quang Nam Provincial Police conducted an immediate search of three intermediary payment companies and 28 locations and summoned 60 individuals with relevant connections for questioning.

As a result, they seized various objects and documents related to the case, including two cars, one large-displacement motorcycle, more than 100 computers, various types of mobile phones, and numerous other crucial pieces of evidence.

Additionally, as part of the operation, they froze 88 bank accounts with a total amount exceeding VND36 billion and blocked 11 real estate transactions valued at over VND70 billion.

The initial investigation process revealed that the total amount of money involved in criminal activities through intermediary payment companies for high-interest lending, up to the time of apprehension, was VND20 trillion. Illicit gains from these activities amounted to over VND8 trillion. Furthermore, the organization was engaged in money laundering and illegal money transfers out of Vietnam, with a total value exceeding VND5 trillion.

The Investigation Security Agency of the Quang Nam Provincial Police has issued a decision to prosecute the cases of "Lending money at high interest in civil transactions", "Depriving property", and "Illegal transportation of goods and currency across the border."

At the same time, they have decided to prosecute and temporarily detain 45 individuals who are accused of related crimes. This decision has been approved by the People's Procuracy of Quang Nam Province.

The case is currently being investigated and expanded by the Quang Nam Provincial Police's Investigation Security Agency in collaboration with relevant operational units.

Source: SGGP