Post by : Shakul
In a significant crackdown, law enforcement in Ho Chi Minh City has dismantled a substantial illegal debt collection ring that masqueraded as a “debt trading” enterprise to intimidate residents. The city's Criminal Police Department reported that the operation targeted a group accused of employing gangster-like methods for debt recovery across various neighborhoods.
Vu Hoang Long, born in 1984, has been named as the alleged leader of this network. Investigators revealed that Long founded the Song Long Debt Trading and Investment Joint Stock Company in 2020, following previous debt collection methods being outlawed in Vietnam. Authorities suspect that the company continued its illicit collection practices by fabricating debt trading contracts.
The investigators uncovered a complex organizational structure involving legal experts, debt collection teams, customer service representatives, accountants, and technical staff. Reportedly, specialized software was used to oversee all collection efforts, manage customer data, and track case developments.
Claims of debt purchases were part of an alleged strategy to provide a facade for harsh debt recovery tactics. Instead of actually buying debts, it is claimed the organization collected funds on behalf of clients while retaining commissions ranging from 25 to 55 percent. Clients also faced hefty non-refundable assessment fees, even if debts proved unrecoverable.
Debtors often encountered intimidation through organized harassment schemes. Groups of inked men in company uniforms reportedly descended upon debtors' homes, workplaces, and businesses in branded vehicles. Witnesses indicated that these individuals would accumulate in large groups, make loud payment demands, trail victims for days, and disrupt public tranquility to induce psychological pressure.
One notable incident involved Anh Dung Multi-Specialty Clinic, where the debt collection group allegedly coerced the owner over a financial dispute exceeding 5 billion Vietnamese dong. Investigators found that the suspects surrounded the clinic, blocked customers from entering, and attempted to tarnish the clinic's reputation to force repayment.
In a separate instance, a business owner identified as KTKO experienced similar intimidation, with the group persistently appearing outside her home and warehouse. Authorities noted that these individuals threatened to continue their tactics until the debt was settled, significantly impacting her life.
Following emergency operations, police confiscated computers, financial documentation, contracts, legal papers, vehicles applied in collection operations, and nearly 200 million Vietnamese dong in cash. Authorities have instigated criminal proceedings and provisionally detained 17 individuals on extortion-related charges, with further investigations ongoing.
Ho Chi Minh City Police have encouraged residents to seek legal avenues for resolving financial disputes, such as mediation, civil courts, or enforcement agencies, rather than resorting to illegal collection services. Officials emphasized that any groups utilizing intimidation, harassment, or coercive tactics under the guise of a business will face severe penalties in accordance with Vietnamese legislation.
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