A first‑instance trial was held on July 10, 2026, at the Ho Chi Minh City People’s Court for defendants involved in an online lending ring that charged interest rates approaching 125% to more than 13,500% per year.
In late 2016, Do Minh Hai, together with Alexey Bychkov and Sergey Lykosov (Russian nationality), established a Singapore‑based company to organize consumer lending via the website atmonline.vn. To operate in Vietnam, the group used two entities: ATM Online Co., Ltd. (registered to provide financial consulting services) and TM 24H Co., Ltd. (registered to provide pawnbroking services, according to the indictment). Hai served as chief financial officer, directing and overseeing all operations of the two companies. Assisting were: Tran Dinh Triên (legal representative of TM 24H); Verevkin Vladimir (CEO in charge of Vietnam operations); Nguyen Thi Thuy Diem (operations director); Do Thi Minh Hieu (head of loan evaluation); Nguyen Thanh Sang (head of debt collection G0, G1); Pham Thi Ngoc Bich (head of debt collection G3).
One borrower, Ms. N.H.X.A., borrowed 2.5 million VND for a 3‑month term through the ATM Online platform; after failing to repay on time, she was repeatedly contacted by staff by phone and at her workplace, prompting her to report the matter to the police.
The group used a pre‑programmed website to establish an automated disbursement process and created “Collateral Contracts” in electronic form with TM 24H to conceal the true nature of the loan transactions. In addition to the 12% annual interest stated in the contract, borrowers were required to pay other fees, including service fees, advisory fees, and platform fees.
The court described the activities as an organized and ongoing crime that spanned an extended period, showing disregard for the law and affecting state supervision of the credit sector.
In its ruling, the court also noted mitigating factors, including sincere confession, remorse, good conduct, and voluntary return of the entire illicit gains.
