Police have arrested Pham Ngoc Van, director of Viet Tin Consulting and Investment Company, for allegedly swindling clients by offering them international investment services.
Pham Ngoc Van (L) in handcuffs while police raided his house in HCMC on July 28 (Photo: SGGP)
A police investigation section from the Ministry of Public Security said Wednesday that the man, 26, a resident of Ho Chi Minh City’s District 7, set up VFX Holdings Ltd. registered in Belize, a country in Central America, and set up Viet Tin as its partner in Vietnam.
The police section said Viet Tin, which had no employees and only one telephone number, issued usernames, passwords, and software for online trading in forex, stocks, and gold, taking a minimum of US$5,000 from investors.
But despite trading for a long period and making profits, many investors did not receive them though losses were promptly deducted from the deposit.
Some decided to report to the police.
It is not known how much clients have lost so far but three people in HCMC have been recorded as victims, with their loss amounting to $360,000, according to police.
VFX Holdings Ltd. and Viet Tin have yet to get a permit from the State Bank of Vietnam to carry on business.
Police said Van earlier held several press conferences and seminars to introduce Viet Tin’s activities to the public.
The police have called upon other victims to contact them.