LONG XUYEN, VIETNAM – Police in Vietnam's southern An Giang province have arrested a 39-year-old woman in Long Xuyen City for allegedly orchestrating a sophisticated fraud scheme that swindled multiple victims out of nearly VND 30 billion (approximately US$1.2 million).
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| The suspect, Lang Ngoc Diem, at the An Giang Provincial Police station. Photo: Tien Tam. |
The suspect, identified as Lang Ngoc Diem, was taken into custody by the An Giang Provincial Police following an investigation into numerous complaints filed against her. According to authorities, Diem is accused of posing as a bank employee to gain the trust of her victims before luring them into a fraudulent high-yield investment opportunity.
Investigators have detailed Diem's alleged modus operandi, which centered on the concept of "đáo hạn ngân hàng," a common practice in Vietnam involving loan rollovers or renewals. She reportedly convinced her victims that she was a banking official who facilitated lucrative, short-term "hot loans" for clients needing immediate cash to pay off an existing bank debt in order to be approved for a new, larger loan.
Diem allegedly solicited large sums of money from individuals, promising them exceptionally high and rapid returns on their investment. She claimed their capital would be used for these urgent, short-term loans, and they would receive a significant share of the interest.
Trusting in her guise as a legitimate bank employee and the allure of quick profits, multiple people gave Diem their money. Authorities report that once she had amassed a substantial amount, totaling nearly VND 30 billion, Diem allegedly broke off all contact with the investors and absconded.
After being unable to reach her, the victims realized they had been deceived and reported the matter to the police. The An Giang Provincial Police's economic crimes division launched a full-scale investigation, which ultimately led to Lang Ngoc Diem's arrest.
The case is currently undergoing further investigation to clarify the full extent of the fraud, identify all individuals involved, and trace the misappropriated funds. Authorities have also issued warnings to the public to be extremely cautious of investment schemes that promise unusually high returns and to always verify the credentials of anyone claiming to represent a financial institution.
