Hanoi Court Sentences 135 Defendants for Usury Services Involving Exorbitant Interest Rates
Chinese National Zhang Min Receives 15-Year Sentence for Leading Ruthless Debt Collection Operation
The Hanoi People’s Court has sentenced 135 defendants involved in an illegal loan service scheme with shockingly high interest rates ranging from 1,570 to 2,190 percent per year. Zhang Min, a Chinese national, received the harshest sentence of 15 years in prison for his role in managing debt collection operations that employed ruthless tactics, including threatening phone calls and spreading doctored photos of borrowers and their families on social media.
The usury ring, led by Li Zhao Qiang, who is currently wanted internationally, operated through lending apps like "Cash Vn" and "Vaynhanhpro," targeting Vietnamese borrowers. The network offered over VND1.6 trillion (USD 64.3 million) in loans, earning illegal profits of more than VND730 billion (USD 29.4 million).
Other key figures, including Nguyen Quang Vu, received 14 years in prison, while Nghiem Duc Giang and Pham Quang Liem were sentenced to eight and seven years, respectively. The court has ordered the defendants to return the illegally gained money.
The usury ring, led by Li Zhao Qiang, who is currently wanted internationally, operated through lending apps like "Cash Vn" and "Vaynhanhpro," targeting Vietnamese borrowers. The network offered over VND1.6 trillion (USD 64.3 million) in loans, earning illegal profits of more than VND730 billion (USD 29.4 million).
Other key figures, including Nguyen Quang Vu, received 14 years in prison, while Nghiem Duc Giang and Pham Quang Liem were sentenced to eight and seven years, respectively. The court has ordered the defendants to return the illegally gained money.
