An elderly woman has been arrested for embezzling nearly 4.6 billion VND from members of a rotating savings and credit association.
During the course of organizing a rotating savings and credit association (ROSCA), a 63-year-old woman used various deceptive tactics to embezzle nearly 4.6 billion VND from the members.
Today (September 20th), the Investigation Police Department of Tra Vinh province issued a decision to initiate a criminal case, indict the suspect, and order the temporary detention for 4 months of Ms. Vo Thi Ngoc Yen (63 years old, residing in Hamlet 5, Cang Long town, Cang Long district, Tra Vinh province) for the crime of fraud and appropriation of property.
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| Ms. Yen at the time of her arrest. |
According to the police investigation, in 2006 Ms. Yen started running daily rotating savings schemes. By April 2017, she had opened several monthly schemes with amounts ranging from 1 to 3 million VND. On May 15th, Ms. Yen unexpectedly declared bankruptcy.
At this time, there are still 69 unfinished rotating savings schemes with 1,035 shares. Among the completed schemes, the investigative agency has determined that during her time as scheme organizer, Ms. Yen falsely registered 33 shares and arbitrarily used the names of scheme members to collect 124 shares, totaling nearly 4.6 billion VND.
The case is currently being investigated and processed by the Tra Vinh Provincial Police in accordance with regulations.
