Professional Fraud Ring Hid Behind Suspiciously Cheap Cars

Ho Chi Minh City police are investigating an alleged vehicle-fraud operation that recruited people to take out bank loans in their own names, then sold the cars to buyers at unusually low prices.

The Criminal Police Investigation Agency is investigating Lê Hiền Anh, 28, from Khánh Hòa, and five alleged accomplices on suspicion of property appropriation fraud. According to the preliminary investigation, the group began connecting through social media in late 2025 and sought buyers for “bank cars”, vehicles purchased through loans in someone else’s name and offered cheaply because the original registration document was unavailable.

After agreeing on the vehicle and price, the group allegedly required buyers to transfer 30% of the car’s value, along with taxes and fees, part of the principal and interest for the first three months, and a commission. It then found people willing to take out installment loans. Those nominal borrowers were promised 80 million to 100 million dong after handing over the vehicles.

Once the bank released a car, the borrower allegedly transferred it to the suspects. The group then delivered it to the agreed buyer and continued the transaction. Investigators said the suspects deliberately paid the principal and interest for the first three months, believing this would prevent the loan from immediately appearing irregular and give them time to transfer the car before the bank took action to recover the debt.

Police urged people not to take out loans, buy cars, open accounts or sign documents for others when they know the paperwork contains false information. Buyers were also told to be especially cautious with cars offered at unusually low prices, sold without the original registration certificate, or described as “bank cars” or “installment cars for resale”. They should check the vehicle’s origin and legal status before paying.

Lawyer Nguyễn Tố Loan of LT VINA Law Firm said a mortgaged vehicle generally cannot be sold, exchanged or given away without the mortgagee’s consent. A buyer who purchases such a car without the bank’s approval may be unable to register the transfer, leaving the vehicle in the former owner’s name and exposing the buyer to administrative penalties, disputes and possible recovery action by the bank.