Police in Thu Duc City under Ho Chi Minh City raided the headquarters of Galaxy Debt Trading Company and Home Credit Vietnam, a consumer finance provider, over extortion and asset appropriation allegations on Tuesday.

Hundreds of police officers inspected the office of Galaxy Debt Trading on the first and second floors of Linh Tay Tower in the namesake ward in Thu Duc City on Tuesday morning.

In front of the building, there were many traffic police officers, mobile police officers, and security guards.

Inside the searched facilities, the firm’s employees were asked to stop working for the inspection.

The firm reportedly specializes in debt trading and financial services.

On the afternoon of the same day, police cordoned off the headquarters of Home Credit Vietnam Finance Company on Nguyen Dang Giai Street in Thu Duc City’s Thao Dien Ward for a search.

The firm, with hundreds of employees, is active in the personal financial field.

The Ministry of Public Security and police in many cities and provinces have recently cracked down on several illegal debt collection rings that misappropriated assets of debtors.

Investigation results showed that hundreds of thousands of people were threatened and terrorized for their late debt payments.

In mid-March, police in Tan Binh District, Ho Chi Minh City prosecuted 14 debt collectors over asset appropriation related to Vietnam Thinh Vuong Debt Trading JSC and THT Law Company.

Besides, Ho Chi Minh City police have launched criminal proceedings against 26 individuals who are employees at Mirae Asset Finance Company and Power Law Company over calumny.

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