Woman sets up shell company to raise 600 billion VND.
The investigative police agency has initiated a criminal case and indicted four suspects on charges of "Fraudulent appropriation of property" related to an illegal fundraising scheme involving approximately 600 billion VND.
On July 28, the Bac Ninh Provincial Police announced that four defendants have been charged: Le Thi Kim Nhung (born in 1983), Le The Chin (born in 1980), Ngo Tien Tiep (born in 1983), and Hoang Thi Tuyen (born in 1984), all residing in Bac Ninh province.
Approximately 600 billion VND was raised from over 200 individuals.
According to initial investigations, in 2017, Le Thi Kim Nhung established HN Vina Trading and Service Company Limited, operating in the field of labor supply and visa services.
After their business faced difficulties due to the impact of the Covid-19 pandemic, accumulating tax debts of approximately 15 billion VND and becoming unable to continue operations, Nhung and Ngo Tien Tiep invested in foreign exchange on the Exness platform but continuously suffered losses.
To obtain funds for further investment, the individuals rented office spaces and displayed company signs to create a facade, then raised capital from individuals through fraudulent investment contracts.
These referral contracts, covering various business sectors, promise profits of 10-20% per month, asserting "no risk, no capital loss," and allowing investors to withdraw their capital after 3 days' notice to build confidence.
Le The Chin was tasked with finding clients and advising on investment packages, while Hoang Thi Tuyen was in charge of drafting contracts and collecting payments.
All the money raised was transferred to Le Thi Kim Nhung for management, mainly used for foreign exchange transactions. When losses occurred, the individuals continued to use money from later investors to pay interest to earlier investors.
During a search of Le Thi Kim Nhung's residence and workplace, investigators seized 1,874 investment contracts along with numerous related documents.
Initial investigations indicate that from August 2024 to the present, the group of defendants has raised approximately 600 billion VND from over 200 individuals. Of this amount, more than 100 billion VND has been paid to some people. By the time the case was discovered, 141 customers had not yet received their money back, totaling approximately 474 billion VND.