On September 10, the Binh Thanh District Police Department in Ho Chi Minh City is investigating two cases of usury in civil transactions committed by Hoang Manh Cuong (38, from Hai Duong province) and Duong Van Nam (47, residing in Binh Thanh District).
Cuong (right) and Nam
According to the investigation, in the late hours of July 28, the police discovered that Cuong was in possession of a suspected fake driver’s license and a phone containing content related to usury. He was subsequently brought to the police station for questioning.
Through interrogation, the police determined that Cuong had borrowed money from P.T.A. (identity unknown) and then lent it out to others at extremely high-interest rates.
In late May 2024, Cuong advertised on the “Tai Chinh 247” Facebook page, offering quick loans with an annual interest rate of up to 445.71%. He required borrowers to provide personal photos, identification documents, and workplace information. Cuong would then conduct on-site inspections and apply pressure through phone calls if borrowers failed to make payments.
One woman fell victim to Cuong’s scheme, resulting in an illegal profit of VND 250 million for him.
In a separate case, Nam illegally profited VND 50 million from Mr. L. (54, residing in Binh Thanh District) through usury.
The Binh Thanh District Police are urging any victims of Cuong and Nam to come forward and report to the police station.
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