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Hanoi Police held a press conference on the morning of June 19 to provide information about a case involving the misappropriation of assets through the sale and transfer of “holiday ownership rights.” The announcement was issued on June 18.
According to Hanoi Police, the June 19 briefing will cover a number of cases, including typical economic and environmental crimes in the area, such as large-scale goods smuggling and several cases of asset misappropriation under the form of sale and transfer of holiday vacations.
Hanoi Police Investigation Agency has prosecuted 21 cases and charged 187 suspects related to activities showing signs of fraud and asset misappropriation involving holiday sales and transfers. Police have taken statements from individuals involved in the case.
Initial findings indicate that defendants appropriated money from 493 victims. The total amount solicited from victims for the purpose of purchasing holidays and deposits for transferring holidays is reported at more than 181.4 billion VND.
Police have searched residences and workplaces of the accused, seizing more than 16.6 billion VND in cash. Authorities also froze over 59.7 billion VND in accounts and detained 7 cars, 10 land-use certificates, and 3 savings books, valued at 12 billion VND.
Investigators said the fraud group used two main methods. Under the first method, they set up companies and contacted people to attend conferences to receive free travel vouchers at certain resorts and four-star hotels.
Attendees were told they did not need to buy anything, carry cash, and only bring their national ID to verify identity. After attendance, customer service staff introduced “holiday ownership rights” packages priced roughly 200–900 million VND depending on the length of stay and contract terms ranging from 5 to 40 years.
To pressure customers to pay, consultants offered promotional programs and substantial discounts if customers signed contracts and paid deposits at the event. They also promised that customers could transfer the holiday to others to profit when not using it.
Police determined these commitments were mainly made orally and were not reflected in the contract or any documents. Due to psychological pressure, many customers did not have time to read contracts carefully and signed deposits. Investigators stated that no customer could transfer the contract. When buyers demanded resolution, staff and company leaders allegedly tried to evade responsibility or provided reasons for not executing transfers.
The second method involved establishing a brokerage company to transfer holidays, allowing perpetrators to continue defrauding people who had already bought contracts.
Investigators said perpetrators used existing customer data or purchased data from holiday owners to approach victims. They set up brokerage rental and transfer firms and organized a sales team to contact customers with scripted pitches.
Sales staff were offered commissions ranging from 2% to 12% of brokerage fees to encourage customers to pay deposits to reserve places and sign brokerage agreements. Police reported that staff did not use real names, used “junk” phone numbers, and provided false information about partnerships with holiday sellers.
They promised transfers at unusually high prices, convincing customers they would earn profits many times over. Police cited examples where holiday contracts valued at 200 million VND were promised to yield 1 billion VND, 2.8 billion VND, or even 10 billion VND after leasing or transferring.
Customers were required to pay multiple deposits under the pretext of guaranteeing transfers, upgrading services, or purchasing additional holiday contracts. Police also found that even when customers had no intention of buying more holidays, they were pressured to purchase new contracts to receive assistance transferring old ones.
Investigators noted that sales staff often orally promised transfers would be completed within 1–1.5 months, while brokerage contracts stated a 10-year timeframe—reportedly designed to hinder customers seeking cancellation or compensation. To avoid accountability, scammers allegedly repeatedly changed company names or formed new companies, steering away from customers who had filed complaints and continuing to target new victims.
According to investigators, the scheme involved coordinated actions among multiple individuals with clearly defined roles, including leaders and callers as well as those directly meeting customers. Police said the group acted with a planned, unified objective to misappropriate assets.
Investigators stated that the companies did not transfer or lease holidays to any customers. Police said the proceeds were used to pay salaries and bonuses and to fund personal expenditures.
Hanoi Police said it will continue strengthening case records, investigating, verifying, and prosecuting additional cases and suspects, while focusing on recovering misappropriated assets.
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