5 loan sharks arrested in Lam Dong

A couple and their accomplices are accused of lending over 130 billion VND at exorbitant interest rates, forcing borrowers to transfer property ownership.

Doan Bay, 63, and his wife, Lam Thi Phuoc, 59, along with Nguyen Thanh Phap, Nguyen Thi Bich Tram, and Lam Han Tien, aged between 31 and 52, have been arrested for loan sharking in Lam Dong province, police announced on 8/8.

During the arrests, police seized billions of VND in cash, eight savings books worth 84 billion VND, 36 land-use rights certificates and house ownership certificates, three land transfer contracts, two house mortgage documents, and various pieces of jewelry believed to be related to the case.

Doan Bay (right) and his wife at the time of their arrest. Photo: Police Department

Doan Bay (right) and his wife at the time of their arrest. Photo: Police Department

The investigation revealed that over the past 5 years, the group lent over 130 billion VND to various individuals. Bay, his wife, and Phap collected monthly interest rates ranging from 10% to 20% (equivalent to an annual rate of 120% to 240%).

Tien and Tram, residing in Binh Thuan ward and having connections with Bay and his wife, also referred borrowers to each other for mutual profit.

They forced borrowers to sign loan agreements and surrender land-use right certificates, house ownership certificates, or other related documents as collateral. If borrowers defaulted on payments or became unable to repay, the group would harass them with threatening calls and messages, visiting their homes to pressure them into paying or transferring ownership of their properties.