HO CHI MINH CITY, Vietnam – A Latvian man, Aigars Plivës, and his accomplices are standing trial in Ho Chi Minh City for operating a loan shark operation that charged exorbitant interest rates as high as 1,379% annually, amassing over VND4.15 trillion (approximately $163 million) in illegal profits. Plivës, 39, along with Nguyen Thi Tuyet Suong, 56, Truong Tuan Tai, 33, and 10 other individuals employed by the loan shark companies, are facing charges of usury in civil transactions at the Ho Chi Minh City People’s Court.
Plivës, working under the direction of Sun Finance Group from Latvia, established three companies in Vietnam between 2018 and 2019: Sofi Solutions, Digital Credit, and Fincap Vietnam, all registered with 100% foreign capital. These companies used websites, tamo.vn and findo.vn, to facilitate loans with high-interest rates and automated systems. Customers could easily access loans by submitting personal information online, and loans were disbursed automatically into borrowers’ bank accounts.
By 2019, Digital Credit Company partnered with Bao Kim and Momo to facilitate direct disbursements to borrowers. However, these loans were disguised under “pawn services” and carried interest rates ranging from 401.5% to over 1,379.7% annually. If borrowers were unable to repay, their debt could increase with additional fees.
An investigation into the operation revealed that from 2019 to 2023, over 2 million loans were issued, amounting to over VND6 trillion in total loans. The charges came to light after a victim, who had borrowed VND1 million, saw his debt balloon to VND21 million after 10 months, leading him to report the case to the police.
Plivës admitted to overseeing the scheme, earning VND120 million per month and illicit profits of VND4.2 billion, while other defendants gained between VND220 million and VND4 billion in illegal profits. The trial is ongoing, with the hearing expected to conclude soon.
