Ho Chi Minh City: Man arrested for scamming victim out of over 1 billion VND in fake 'cheap bank asset' deals

Ho Chi Minh City police have arrested Nguyễn Minh Hiền, 34, on charges of fraud and asset appropriation. Hiền allegedly deceived a victim out of 1.04 billion VND by promising lucrative returns from purchasing undervalued assets, such as real estate and vehicles, being liquidated by banks.

Investigators say Hiền befriended victims on social media, falsely claiming to be a bank employee. He then presented fabricated information about upcoming bank liquidations of properties and cars at significantly reduced prices. He persuaded one victim, identified as Mr. N.H.T.S., to contribute funds for these purchases with the promise of sharing the profit margin.

After receiving the money, Hiền reportedly severed all contact with the victim. The appropriated funds were allegedly used for personal expenses and to repay debts. The police are appealing for any other individuals who may have been defrauded by Hiền using similar methods to come forward and contact investigators.

Authorities are urging the public to remain vigilant against investment fraud schemes. They stress that banks do not typically invite individuals to co-invest or request money transfers to private accounts during asset liquidation processes. They advise the public to verify the legal status of assets before transferring any funds.

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Banks do not invite personal capital contributions or require money transfers to private accounts when liquidating assets.