Credit fund manager disappears with 50 billion VND, residents hold banners demanding their money back.

The director of a credit fund has fled the area with 50 billion VND, leaving dozens of people in Bien Hoa (Dong Nai) in distress.

On November 20th, dozens of people gathered in front of the Thai Binh Credit Fund branch (Tan Hoa ward, Bien Hoa city, Dong Nai province) to demand their money back, following news that the fund's director had unexpectedly resigned.

Shortly afterwards, the Tan Hoa Ward Police and other relevant agencies arrived to maintain security and order.

People gathered in front of the credit union headquarters to demand their money back.

"My family entrusted nearly 8 billion VND to the fund, with an interest rate of 8% per year. However, since the beginning of the year, when we needed to get our money back, we went to the branch many times but our request was not resolved," said Mr. Hoan Van Luc (residing in Tan Hoa ward) angrily.

Similarly, Ms. Truong Thi My Dung (residing in Trang Bom district, Dong Nai province) stated: "My husband was in an accident and has been bedridden for many years. Our family needs money to cover expenses, but now we don't know how to claim the money back."

According to Ms. Dung, more than a year ago she sold assets and deposited 700 million VND into the Thai Binh Credit Fund to receive high interest rates. Initially, the fund paid interest on time; however, since the beginning of this year, she has not received the money as per the contract.

Working with local residents, the Tan Hoa Ward Police reported that initial statistics show approximately 82 people have complained about the Thai Binh Credit Fund owing them a total of nearly 50 billion VND.

Earlier that day, Mr. Tran Quoc Tuan, Director of Dong Nai Bank, confirmed that he was aware of the incident and had sent a document to the Dong Nai Provincial Police requesting an investigation.

Mr. Tuan was also present at the Tan Hoa Ward People's Committee to meet with residents and complete the necessary procedures to resolve the issue.

According to the Director of the State Bank of Vietnam's Dong Nai Branch, the Thai Binh Credit Fund operates under a cooperative model and is solely responsible for its operations. The Fund is subject to inspection and supervision by the State Bank of Vietnam's Dong Nai Branch and is under administrative management within Tan Hoa ward.

“Currently, the director, Mr. Vu Cong Liem, has absconded, and the police are investigating. We are conducting special monitoring to clarify how much money this fund has raised, from whom, and how it has been used... and from there, we will develop a plan for handling the situation,” said Mr. Tuan.

According to Vietnamnet