According to Quang Ninh Provincial Police, Uong Bi City Police have arrested Tran Cong Duc, also known as “Duc In,” born in 1998 and residing in Truong Vuong Ward, Uong Bi City, Quang Ninh Province, for the offense of “Heavy Interest Rate Lending in Civil Transactions.”
Tran Cong Duc at the Public Security Agency (Photo: Quang Ninh Police)
According to the initial investigation results, recently, a number of local people in Uong Bi City and its vicinity had a need to borrow money for spending and business. They contacted Tran Cong Duc to agree on the loan amount, interest rate, and interest payment period of one month. Duc then provided the money directly or transferred it to the borrower’s bank account. For the first month’s interest, Duc would deduct it directly from the loan amount when transferring it to the borrower. If the borrower was late in paying interest by one or two days, Duc would call, send text messages, and threaten the borrower.
By the time of his arrest, the suspect had lent money to many people, ranging from VND 10 million to VND 100 million, with an interest rate of VND 3,000 to VND 4,000 per million per day (equivalent to an interest rate of 144% per annum, many times higher than the highest interest rate stipulated in the Civil Code).
The Uong Bi City Police are continuing to investigate and expand the case and request that individuals who have borrowed money from Tran Cong Duc contact the Investigative Security Agency of Uong Bi City Police to work and provide necessary information and documents.
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