Billion-dong pyramid scheme collapse: Retired teacher prosecuted.
Regarding the pyramid scheme collapse involving over 40 billion VND, authorities have just initiated criminal proceedings against Ngo Thi Lan for the crime of fraud and appropriation of property.
Regarding the pyramid scheme collapse that occurred in Vong Nguyet village (Tam Giang commune, Yen Phong district, Bac Ninh province), on September 17th, the Yen Phong District Police announced that they had issued a decision.initiate criminal proceedings against the suspect.Regarding Ms. Ngo Thi Lan (from Tam Giang commune) for the act of fraud and appropriation of property.
Earlier, from the beginning of May 2024, public opinion was abuzz about the collapse of a multi-billion VND informal lending scheme in Vong Nguyet village (Tam Giang commune).
According to the victims, the head of the informal lending group, Ngo Thi Lan, announced the cancellation of the ledger. All information about the participants and the monthly contributions has disappeared.
According to the Yen Phong District Police, the verification process faced many difficulties because all the original documents and records were destroyed, while the number of participants was large, and it was unknown who was involved in the scheme and who was the person collecting the monthly installments.
Nevertheless, with a determination to restore justice for the people, the Yen Phong District Police have deployed investigators to gather information, promptly verify and investigate the matter thoroughly.
In the initial stages of the investigation, the Yen Phong District Police determined that Ms. Ngo Thi Lan had established dozens of informal lending schemes, including three schemes that were set up in 2022.
Each rotating savings and credit association (ROSCA) has 25-30 participants, however, only 3-5 people actually receive the money; the ROSCA leader, Ngo Thi Lan, impersonated members of the ROSCA to collect the money. She used all of this money for personal expenses.
According to Mr. Nguyen Van Ha, Vice Chairman of the Tam Giang Commune People's Committee, Ms. Ngo Thi Lan is a retired teacher.
Regarding the aforementioned pyramid scheme collapse, the Chairman of the People's Committee of Bac Ninh province has instructed the People's Committee of Yen Phong district to coordinate with relevant agencies to continue implementing measures to resolve the issue and stabilize public opinion.
According to the Bac Ninh Provincial Police, this is not the first case of a failed informal lending scheme in Bac Ninh, but it is the first time the scheme's organizer has been criminally prosecuted. The case is currently under further investigation by the Provincial Police's Criminal Investigation Department and will be handled strictly in accordance with the law.