On September 7, the Economic Police Department of Hanoi City Police temporarily detained Ms. Vu Thi Thuy (40 years old, from Thanh Hoa province), General Director of Nhat Nam Real Estate Investment and Trading Joint Stock Company.
Ms. Thuy was detained for providing false information about Nhat Nam Company, which had many real estates and investment projects with high profits, in order to mobilize capital from many individuals, and then used a portion of this money to pay interest to the above individuals. From there, Ms. Thuy appropriated an exceptionally large amount of money.
The General Director of Nhat Nam Company is being investigated under Clause 4, Article 174 of the Penal Code for the crime of Fraudulent appropriation of property.
Ms. Vu Thi Thuy at the time she was not detained.
Nhat Nam Real Estate Company established many branches and real estate transaction offices in provinces and cities across the country, attracting many investors to contribute capital with a commitment to pay daily profits with high profit rates (from 5 - 7%/month, equivalent to 60 - 84%/year, along with many real estate incentives).
This activity has been warned by many agencies, including the Department of Economic Security, Ministry of Public Security, as posing many potential risks to investors and complicated risks to economic security and public order.
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