Vietnam police prosecute debt extortion, bank account and school fund fraud rings

Vietnamese authorities have launched several criminal investigations into diverse fraudulent activities across multiple provinces.

In Ho Chi Minh City, police have arrested six individuals, including director Pham Van Hoanh, for extortion. Operating under the guise of Cong Danh Debt Trading Joint Stock Company, the group used sham debt purchase contracts to conduct illegal debt collection. They reportedly pressured debtors by visiting homes and businesses in groups, using company uniforms to intimidate targets and demand commissions of 15% to 22%.

In Tuyen Quang, police dismantled an inter-provincial ring involved in the illegal sale of bank accounts. Eleven suspects were prosecuted for using social media and messaging apps to facilitate transactions exceeding 10 billion VND on Forex platforms. The group targeted students to open accounts for purchase.

In Phu Tho, authorities expanded an investigation into the embezzlement of student meal funds at Yen Lap Boarding Secondary and High School. Officials have prosecuted the school principal, accountant, treasurer, and a medical officer for abusing their positions to inflate food prices, allegedly misappropriating over 482 million VND for internal spending.