The Hanoi People’s Court on Saturday handed down jail terms on 135 defendants involved in the provision of usury services with annual interest of 1,570 - 2,190 percent, with Zhang Min, of Chinese nationality, being sentenced to 15 years in prison, the highest among the defendants.

Zhang was responsible for collecting debts using ruthless tactics, including making phone calls and sending messages filled with threats and spreading doctored photos of borrowers and their family members on social media.

Vietnamese Nguyen Quang Vu was condemned to 14 years behind bars, while Nghiem Duc Giang and Pham Quang Liem got a jail term of eight and seven years, respectively.

The court also asked the defendants to submit the money that they had illegally earned.

According to the indictment, the ring was led by Li Zhao Qiang, of Chinese nationality, who had fled Vietnam and is wanted internationally.

Li entered Vietnam in October 2017 and created a number of lending apps, such as 'Cash Vn' and 'Vaynhanhpro,' with servers in Hong Kong, targeting Vietnamese borrowers.

They offered loans at staggeringly high interest rates, ranging from 1,570 to 2,190 percent per year.

Li later took Zhang and Liu Dan Yang, of Chinese nationality, to Vietnam and recruited Vietnamese employees to attract borrowers, process loan applications, and collect debts.

Their network included two key companies -- Newstar Vietnam Technology Co. Ltd. and Vietstar TM Services Co. Ltd..

Nguyen Quang Vu, a resident of Hanoi, and many others were tasked with managing and operating some debt collection companies.

Li’s firms offered over VND1.6 trillion (US$64.3 million) in loans to nearly 130,000 borrowers, reaping illegal profits of more than VND730 billion ($29.4 million).

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