06.03.2023, 15:09

F88 was searched by the police to investigate the office

On the morning of March 6, various law enforcement units in Ho Chi Minh City, in coordination with the police in Go Vap district, sealed off a section of Nguyen Oanh street, restricting vehicular traffic, while conducting a search of the 7th and 8th floors of an office building. This area is the headquarters of F88 Company - a large-scale financial institution specializing in lending.
According to sources from the investigation agency, F88 is engaged in lending money, with hundreds of employees involved in debt recovery, and has recently threatened borrowers, with suspicions of asset appropriation.
F88 was established in 2013, self-proclaimed as the fastest-growing personal finance and pawnbroking service provider in Vietnam, with 830 branches nationwide.

At 1:30 pm, the police were still working with many individuals from this company and had not yet provided information. Regarding F88's activities in Thanh Hoa province, at the beginning of February, the provincial police issued an administrative violation report against the pawnshops of F88's branches in Tan Son, Dien Bien, Ba Dinh, Quang Tam, Dong Son, and Dong Tho. These establishments were identified as violating administrative management regulations related to social order, such as incomplete record keeping, insufficient business operation reporting, accepting collateral without preserving the collateral at the business location during the collateral period.
The Thanh Hoa police believe that although F88's pawn interest and loan interest rates fall within the limit allowed by the State Bank of Vietnam, during the collateral registration process for credit-secured property borrowers, these businesses require customers to pay additional fees. Specifically, these fees include the loan condition appraisal fee (1.4% per month); collateral asset management fee (2-3% per month if the asset is kept at the collateral location, 5% per month for those who want to borrow the asset back); and accompanying insurance service registration fee. With this method, the total amount of fees and interest that customers have to pay for credit loans is very high. Recently, the Ministry of Public Security and the police in various provinces and cities have continuously cracked down on debt recovery gangs operating like mafia. Initially, law enforcement officials believe that hundreds of thousands of people have been coerced into paying money through false accusations, terrorism, and threats.
For example, on February 14, over a hundred armed police officers sealed off and raided the headquarters of Phap Viet Law Company Limited in Tan Binh district, Ho Chi Minh City, arresting 133 people who were demanding rent and debt payments; confiscating 233 desktop computers, 4 laptops, over 300 mobile phones, and many documents related to terrorist activities and asset appropriation...
Earlier, the police had also discovered the activities of the "A1 loan shark" group, led by Nguyen Tuan Hung (also known as Hung "Billionaire"), who had created a lending network across multiple provinces and cities with a very high-interest rate of up to 50% per month. The group used mafia-like methods to coerce customers, including kidnapping, injuring, or even killing debtors.
Overall, Vietnamese authorities have been increasingly concerned about the emergence of mafia-like debt recovery groups that employ violent and illegal methods to recover debts, resulting in social disorder and jeopardizing the safety of citizens.