According to the indictment, from 2018 to 2020, the defendant Oanh and her husband rented land for rice cultivation but incurred losses, leading to debt. To repay the debts, defendant Oanh claimed to have connections with officials working in credit funds of multiple banks and offered to help those in need of debt repayment or loan refinancing.
To lure victims into her scheme, Oanh offered attractive interest rates for each bank loan refinancing application. Specifically, the victims were promised an interest rate of 300,000 to 1,000,000 VND per day for a principal amount of 100,000,000 VND. Additionally, to build trust, Oanh used the principal amount of one victim to fully settle the loan (principal and interest) of another victim in the initial transactions.
Defendant Oanh started by borrowing small amounts and promptly repaid the principal and interest as agreed to gain the victims’ trust. However, once she had established this trust, she began borrowing larger sums to execute her scheme.
Using this modus operandi, from 2021 to December 2022, Oanh defrauded more than 12 victims, mostly acquaintances and relatives, of a total amount exceeding 23.6 billion VND to repay her debts and for personal expenses.
The victims lost hundreds of millions to billions of VND, with the highest amount being over 7 billion VND. During the legal proceedings, the defendant agreed to compensate the victims only 10 million VND.
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