Warning of fake securities company employees setting up groups to scam investors

The State Securities Commission has just announced that it has received a report from KIS Vietnam Securities Company (KIS) about a number of individuals and organizations pretending to be KIS employees to set up the GEM Vietnam investment fund to defraud and appropriate investors' assets.

Individuals impersonating KIS employees set up a group on Zalo called “Zalo Group: (A221). Exchange of stock investment analysis; YY03 STOCK MARKET TRENDS” to lure, entice and defraud investors of their assets. The State Securities Commission has forwarded KIS’s report to the authorities for coordination in handling and to warn investors when accessing the above social network address.

Warning about fake securities company employees forming groups to lure and defraud investors

Previously, securities companies and the State Securities Commission have repeatedly warned about the situation of impersonating companies and investment funds to lure and attract investors. Most recently, at the end of 2023, a trick appeared to impersonate the Carlyle VN Investment Fund while the State Securities Commission did not issue a fund registration certificate to the Carlyle VN Investment Fund.

According to a warning from the Hanoi City Police, recently there has been a trick of impersonating the Carlyle VN Investment Fund to commit fraud. There have been victims who have invested and had nearly 2 billion VND appropriated. The victims said they were guided to invest through the Carlyle VN Investment Fund application. When participating in livestreams, investors are given money, introduced to many incentive packages by the "teacher", have many recommended codes, and are guided to invest in stocks that have increased sharply in price. This group advertises that investing in the fund can receive money to the investment account immediately after placing a closing order and can place a withdrawal order immediately, much faster than on regular trading floors.

The "teachers" advertised huge interest rates of 500 - 800% by using leverage. The victims were instructed to buy the stock code "...x5" with a minimum deposit of more than 200 million VND. After depositing the money, the subjects continued to offer the stock code "...x8". Depositing 200 million VND, the victims received many times more shares and were required to have their accounts frozen and not be allowed to trade if they did not deposit the remaining amount. The victims transferred an additional 400 million VND to make up the remaining amount. When the victims could not withdraw the money, the subjects requested to transfer the annual fee (25% of the total profit before) so that the victims could continue to transfer 200 million VND. Then they required to pay the account usage fee for VIP members of 15% of the total amount deposited (200 million VND); pay value added tax of 10% of the profit (150 million VND); Pay 10% referral fee when opening an account. After paying too many fees without being able to withdraw money, the victim then realized he was scammed and went to the police to report...

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