The suspect has been charged with defrauding people in a rotating savings and credit association (ROSCA) scheme of 5 billion VND.

On January 26th, the Criminal Police Department of Thua Thien Hue Provincial Police announced that it had issued a decision to initiate a criminal case, indict and temporarily detain Nguyen Si Toan (37 years old, residing in Huong So Ward, Hue City) for the crime of fraud and appropriation of property. Toan is a suspect in a case involving the fraud of many people through a rotating savings scheme.

Nguyen Si Toan defrauded many people of more than 5 billion VND.

Previously, from January 2022 to December 2023, Toan provided false information about his assets to gain trust and entice many people to participate in a rotating savings scheme, contributing between 2 and 5 million VND per day.

However, when the participants' deadlines for receiving their payouts arrived, Toan made numerous promises but failed to pay.

In addition, Toan also participated in informal lending schemes run by other scheme organizers, then requested to collect large sums of money (300-500 million VND) early and embezzled this money.

Using these tactics, Toan defrauded many people of sums ranging from tens of millions of dong to 1 billion dong. The total amount of money Toan embezzled amounted to over 5 billion dong.

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