Man Detained in Vietnam for Predatory Lending to Students

Quang Ninh police have taken decisive action against Do Ngoc Ninh, a local resident accused of predatory lending practices that preyed on vulnerable students. The criminal investigation department has placed Ninh under temporary detention as they build a case for usury, a serious offense that exploits individuals through exorbitant interest rates.

Authorities became aware of Ninh's activities through routine intelligence gathering, which flagged his behavior as a potential threat to local security and order. Recognizing the risk of escalating complications, the police initiated surveillance and gathered evidence to understand his methods. This proactive approach led to Ninh's summons and subsequent detention.

Ninh's alleged scheme involved providing loans to four students over a year, demanding daily interest payments. The rates, reportedly between 3,000 and 5,000 VND per million borrowed each day, represent a staggering annual percentage rate, far exceeding legal limits. This practice is particularly egregious given the targets were students, a demographic often facing financial pressures.

Beyond the financial exploitation, the investigation revealed that Ninh resorted to intimidation and threats when students struggled to meet their repayment obligations. These actions caused significant psychological distress, disrupting their academic focus and well-being. The illicit profits Ninh allegedly reaped from this predatory scheme are estimated to be in the tens of millions of Vietnamese dong, underscoring the severity of his financial crimes.