HCMC – Police in HCMC are investigating the collapse of an informal rotating savings and credit scheme, with losses estimated at about VND200 billion, reported the Vietnam News Agency.
The People’s Committee of Xuan Thoi Son Commune said it had asked local police to probe the case. Hundreds of participants gathered at the home of Nguyen Thi My Dung, who organized the rotating savings and credit club. Police were deployed to maintain order and questioned several people.
In such a scheme, members contribute fixed amounts of money at regular intervals, with the pooled sum given to one participant on a rotating basis. Organizers often promise attractive returns, but the system relies on trust and lacks legal safeguards.
A 29-year-old participant said she had contributed VND1.2 billion since April 2025 without withdrawing any funds. Other members said the groups had offered returns of about 10%, drawing in hundreds of contributors and amounts totaling hundreds of billions of dong.
Participants said the scheme was organized on social media, with most members from the Mekong Delta who did not know each other personally. They said Dung had recently reduced contact, citing illness and difficulties in managing payments.
Some investors said they put in more than VND10 billion each. The commune authorities said Dung had not fled and was still engaging with contributors.
Police said they were working with other agencies to maintain security and collect statements while compiling initial records for investigation.
