Recently, the Ho Chi Minh City People’s Procuracy issued an indictment against defendants Aigars Plivës (Latvian nationality, born in 1985), Truong Tuan Tai (Director of Fincap VN LLC), Nguyen Thi Tuyet Suong (Director of Digital Credit Services and Trading Limited Company) and 10 other defendants on charges of high-interest lending in civil transactions.
Aigars Plivčs is identified as the mastermind behind the lending websites tamo.vn and findo.vn, discovered by the police in April 2023.
Aigars Plivčs at the investigative agency. (Photo: CACC)
According to the investigating agency, through three entities, namely Sofi Solutions, Digital Credit, and Fincap VN, Sun Finance Group headquartered in Latvia established the tamo.vn and findo.vn websites.
These websites operate as electronic consumer financial lending platforms in Vietnam. Customers only need to log into the website and provide personal information (including full name, phone number, email address, monthly income, monthly expenses, ID/CCCD number, bank account number, ID card photo, front-facing photo of themselves, etc.) and the system will automatically process the loan without direct contact with any lender’s employees.
Afterwards, customers will receive the loan amount transferred to their bank accounts. At this point, the system automatically generates three electronic contracts: the collateral loan contract, the asset pawn contract with Digital Credit Company/Fincap Company, and the consultancy service contract with Sofi Solutions Company.
All these contracts are stored in the system, with no physical signing involved. Each customer while using the loan system will be guided to create an account on the “tamo” and “findo” platforms.
Customers can view their loan information by logging into the tamo.vn, findo.vn websites or through the “tamo” and “findo” applications on their phones.
During the investigation, Aigars Plivčs admitted to being an employee of the Sun Finance Group headquartered in Latvia, which manages and operates all lending activities through the tamo.vn and findo.vn websites.
Although not being the legal representative, Aigars Plivčs is responsible for all lending, debt collection, cost management, and staffing activities through the heads of departments and divisions of the three companies. Aigars Plivčs holds a 2% share in Sofi Solutions Company.
Aigars Plivčs admitted that all three companies operate together, participating in lending through the tamo.vn and findo.vn websites. In particular, Sofi Solutions Company acts as a consulting unit, while Digital Credit/Fincap VN Company is responsible for consumer lending, despite not having been licensed.
The defendant clarified that when customers borrow money through the mentioned websites, the company does not provide any consulting or pawn services. However, Aigars Plivčs, knowing that the interest rates for these loans exceed 100% per annum, still agreed to continue organizing lending activities.
Aigars Plivčs hired a legal representative to establish three companies: Sofi Solutions LLC, Digital Credit Services and Trading Limited Company, and Fincap VN LLC. All these companies were instructed by Aigars Plivčs to carry out high-interest lending activities in civil transactions.
The interest rates of these companies range from a minimum of 401.5% per year to a maximum of 1,379.7% per year, which is 20 to 68 times higher than the highest interest rate allowed under the Civil Law provisions.
It is known that the total illicit profit demonstrated by the Investigative Agency through working with 29 borrowers is over 780 million VND. Aigars Plivčs’ behavior shows signs of the crime of “High-interest lending in civil transactions” stipulated in Clause 2, Article 201 of the 2015 Penal Code, as amended and supplemented in 2017.
Regarding this case, on May 26, 2023, Ho Chi Minh City Police simultaneously conducted inspections at multiple locations where “black credit” activities were disguised as businesses.
The police agency decided to prosecute the case, charging 9 accused persons, including directors, heads of departments, and team leaders of Digital Credit Services and Trading Limited Company, Fincap VN LLC, and Sofi Solutions LLC, with the offense of “high-interest lending in civil transactions.”
Specifically, the indicted individuals include: Nguyen Thi Tuyet Suong (born in 1968, residing in District 10), Director of Digital Credit Services and Trading Limited Company; Truong Tuan Tai (born in 1991, residing in District 6), Director of Fincap VN LLC; Tran Dung (born in 1986, residing in Ward 14, Go Vap District), Head of Operations at Sofi Solutions LLC.
Cao Thi Xuan Huong (born in 1978, residing in Ward 13, District 3), Chief Accountant of Sofi Solutions LLC; Dang Hung Tuan (born in 1987, residing in An Phu Dong Ward, District 12), Debt Recovery Department Head at Sofi Solutions LLC; Nguyen Thi Be Nam (residing in District 12), G1 Debt Collection Team Leader at Sofi Solutions LLC.
Dinh Thi Hong Loan (born in 1980, residing in Hiep Binh Phuoc Ward, Thu Duc City), Human Resources & Administration Department Head at Sofi Solutions LLC; Luu Tuan Binh (born in 1982, residing in District 4), Marketing Department Head at Sofi Solutions LLC; Ho Thi Bich Chi (born in 1990, residing in District 5), G2 Debt Collection Team Leader at Sofi Solutions LLC.
During the investigation process, the Investigative Agency confirmed that these companies were involved in shadow services such as pawnbroking and financial consultancy to conduct high-interest lending activities through the tamo.vn and findo.vn websites.
From April 2019 to April 2023, through these websites, the three companies disbursed loans to more than 2 million borrowers, totaling over 6,072 billion VND, generating illicit profits of over 4,123.4 billion VND, with interest rates ranging from a minimum of 153.2% to a maximum of 1,289.67%, 7 to 64 times higher than the highest interest rate prescribed by the Civil Law.
