Quick loans, no collateral and just simple procedures to reach borrowers – a “super” loan line with over 2,000%/year interest through an online application, was banned by the Provincial Police. Lao Cai cooperated with the Department of Cyber Security and High-Tech Crime Prevention (Criminal Police Department, Ministry of Public Security) to successfully dismantle it. This is also a warning for those who are planning to take out loans with unknown online applications.
Hundreds of scouts, divided into 3 attacks, attacked the lair of the “super” high-interest lending group in the provinces of Lao Cai, Hanoi and Ho Chi Minh City. 58 subjects were arrested and summoned overnight. Many equipment and documents related to high interest lending activities ranging from 1,500% to 2,200%/year were seized.
During the investigation, the Lao Cai Provincial Police determined that this was a transnational organized crime ring, closely organized, led by foreigners, and connected with domestic subjects. The subjects established Funmobi Technology Company, using 300 mobile applications, associated with nearly 200 pawn shops, financial lending companies. Then recruited hundreds of employees, set up dozens of websites and groups on social networking sites to find customers. Divided into groups of activities, the leading subjects often gather in border areas and are ready to cross the border to flee when detected.
Currently, the police agency has identified more than 160,000 people across provinces and cities nationwide who have transacted loans at this group’s applications, with an amount of more than 1,800 billion VND. Among them, many people, because they could not afford to pay debts and interest on their children, were threatened by the subjects, smeared their honor and left heavy consequences. In particular, many people are not related but are still frequently called and insulted by the subjects.