Ho Chi Minh City: Victims Fall for 'Bank Liquidation Property' Scam

In Ho Chi Minh City, Nguyen Minh Hien, 34, was arrested on August 6 by the Criminal Police Department of the Ho Chi Minh City Police for allegedly defrauding numerous individuals of over VND 1 billion. Hien allegedly posed as a bank employee and lured victims by claiming to sell liquidated bank properties and vehicles at low prices. According to investigations, Hien befriended many people through social media, building trust by claiming to be a bank official. He then enticed victims to contribute capital for joint purchases of supposedly cheap bank-liquidated real estate and cars, promising profits. Several individuals believed his claims and transferred money to Hien, who subsequently misappropriated the funds for debt repayment and personal expenses. The Ho Chi Minh City Police are urging anyone who has fallen victim to Hien's scam to report to the authorities. They also issued a warning that the disposal of bank collateral assets is conducted openly according to regulations and does not involve private capital contributions or transfers to personal accounts. As Vietnam experiences economic growth, interest in real estate and luxury vehicles is increasing, unfortunately accompanied by a rise in such fraudulent schemes. Scams impersonating public institutions or large corporations are particularly malicious, exploiting public trust and requiring heightened vigilance.