Credit fund director 'disappears' with 50 billion, people hold banners demanding money

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

On November 20, dozens of people gathered in front of the transaction office of Thai Binh Credit Fund (Tan Hoa Ward, Bien Hoa City, Dong Nai) to demand their money back, after the news that the fund's director suddenly quit his job.

Immediately afterwards, Tan Hoa Ward Police and other authorities were present to maintain order and security.

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

"My family trusted the fund with nearly 8 billion VND, with an interest rate of 8%/year. However, since the beginning of the year, when we wanted to get our money back, we went to the transaction office many times but it was not resolved" - Mr. Hoan Van Luc (residing in Tan Hoa ward) was upset.

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

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

Working with households, Tan Hoa Ward Police said that initial statistics show that about 82 residents reported that Thai Binh Credit Fund owed a total of nearly 50 billion VND.

On the same morning, Mr. Tran Quoc Tuan - Director of Dong Nai Bank confirmed that he was aware of the incident and sent a document to Dong Nai Provincial Police to investigate.

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

According to the Director of the State Bank of Vietnam, Dong Nai Branch, Thai Binh Credit Fund operates under the cooperative model and is responsible for its own operations. This fund is subject to inspection and supervision by the State Bank of Vietnam, Dong Nai Branch, and is under administrative management in Tan Hoa Ward.

“Currently, the director, Mr. Vu Cong Liem, has fled and the police are investigating. We are conducting special control, clarifying how much money this fund mobilized, from whom, how it was used... from there, there will be a solution,” said Mr. Tuan.

According to Vietnamnet