
Vietnam police break up loan shark ring demanding nude photos as collateral
The ring charged interests of up to 365 percent a year
The ring charged interests of up to 365 percent a year
The two groups of illegal lenders had lent their money to nearly 500 people from April to August 2020
Two Chinese citizens and three Vietnamese were arrested
Loans offered on the apps have an interest rate of four percent per day if the debts are not cleared within the first six days
Loan sharks can charge an annual interest rate of up to 300 percent
The weapons include a gun, swords, knives and metal bars
The man had disguised his usury business as a credit firm