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On the afternoon of June 17, Hanoi Police Department initiated prosecutions in 21 cases affecting 23 companies dealing in vacation ownership cards, and prosecuted 187 defendants for the crime of fraud and asset appropriation. In initial findings, investigators determined that these companies had defrauded nearly 500 victims of more than 181 billion VND. Preliminary investigations show that the offenders used two main methods to suitable assets. According to the Ministry of Public Security, the perpetrators mainly carried out two forms of fraud: buying/selling vacations to misappropriate funds and transferring vacations to misappropriate funds. In reality, the companies did not sell, transfer, or lease vacations to any customers. First, through travel companies that run vacation ownership, the offenders would call people to attend seminars, receive free travel vouchers or attractive gifts. At these events, sales staff continually made commitments about promotions, profitability, and high-priced transfers of vacation rights to push customers to sign contracts and deposit several hundred million VND. However, these promises were spoken only and were not written into any contract or legal document. In practice, almost no customer could transfer a vacation as advertised. Second, the offenders established brokerage firms to rent or transfer vacation contracts, proactively approaching those seeking to transfer. Using fake names, disposable SIM cards, and false information, they promised abnormally high profits, sometimes several times the initial contract value, to lure customers into deposits, brokerage fees, or purchasing additional service packages. Notably, although sales staff promised to complete the transfer within 1 to 1.5 months, the contract stipulated a 10-year execution period, causing difficulties for customers seeking to cancel contracts or get refunds. According to investigators, the offenses involved collusion among multiple actors, with clearly defined roles—from those directing to those who phoned to lure customers to those who directly interacted and deceived them. The actors operated in a planned, coordinated manner with the aim of asset appropriation. In reality, these companies did not perform any transfers or leases of vacations to any customers. The proceeds were used to pay salaries and bonuses to staff and for personal expenses. Currently, the Hanoi Police Investigation Agency continues to strengthen case files, investigate, verify, and prosecute additional related cases and suspects, while focusing on recovering the misappropriated assets.
