Hoa Phat Group Joint Stock Company (HPG) of Chairman Tran Dinh Long has just received information about many individuals/organizations impersonating them to defraud and make illegal profits by tricks such as inviting recruitment and calling for investment in projects.

Accordingly, Hoa Phat Group had its documents, signatures and seals forged by the subjects. The fraudsters took all the logos, information and brand images of the group to create websites such as http://hoaphat.cc/mobile/index.html; https://hptrading.site/ with attractive investment calls.

For example, the subjects proposed a project to develop domestic steel production with a scale of 253 billion VND (48% progress has been achieved), calling for immediate investment. A minimum investment of 2 million VND will immediately receive a profit of 1.32% after 15 minutes.

This is a very high interest rate, because after an hour you will get 5.28% and after a day it will be nearly 127%.

In addition, the scammer also forged the personnel transfer decision of Hoa Phat Group.

These subjects even forged the signature of Chairman of the Board of Directors of Hoa Phat Group Tran Dinh Long, "signed fresh, stamped red", and made a notice "rectifying regulations on implementing hours, complying with internal rules, regulations, and rules of the company during the project implementation phase".

Similarly, Vingroup Corporation (VIC) of billionaire Pham Nhat Vuong was also impersonated by individuals/organizations, creating websites similar to the Vingroup ecosystem to defraud and make illegal profits by many tricks such as inviting recruitment and calling for investment in projects.

On a website named Vinvn.in..., the scammer offers the 'bait' to lure gullible people with very attractive investment opportunities with a series of "Vingroup Corporation's project funds".

The scammers created "development funds" for trade, health, technology, etc. worth thousands of billions of VND, with progress reaching 72% and invited investors to invest a minimum of 30 million VND, and after 15 minutes they would immediately enjoy a profit of 1.32%. Or invest a minimum of 100 million VND, and after 30 minutes they would immediately enjoy a profit of 4.23%.

The Industrial Technology Development Fund (with VinFast logo) has a scale of 6,656 billion VND, and has achieved 89% progress. With a minimum investment of 300 million VND, after 30 minutes, you will immediately enjoy a profit of 5.56%...

In the past 2 years, people claiming to be employees of several large securities companies such as SSI Securities, VNDirect Securities, MBS Securities, etc. have called dozens of times a day, inviting people to join zalo groups to get advice on investing in securities, international commodities, etc. Many people have lost large sums of money when they were tricked into participating in trading floors, and then could not withdraw their money.

Many securities companies also have their websites, logos, company images and company leaders forged.

Impersonating famous businesses, preying on greed to scam

Responding to this issue, Hoa Phat affirmed that it did not solicit investment in any of the group’s projects. The group has repeatedly warned on its website and media channels, made records and coordinated with authorities to take action.

According to a representative of Hoa Phat Group, this situation not only causes damage to people but also greatly affects the reputation and brand of the business.

Because, even when recruiting employees, the corporation never asks candidates to provide any type of financial information or sensitive personal information via phone/email/social networks or asks candidates to pay any advance money for an interview.

In fact, many people are scammed in different ways, the amount of money lost is huge. However, the common scam method is impersonating/borrowing famous people, famous brands; accompanied by the lure of high interest rates and big benefits.

Therefore, people need to be alert and verify information clearly before receiving attractive interest rate investment invitations.

In mid-April, the Hanoi City Police Investigation Agency initiated a case and temporarily detained Ms. Nguyen Thi Khuyen, General Director of Tam Loc Phat Group Joint Stock Company, to investigate her for fraud, appropriation of assets, mobilizing capital from thousands of investors and promising to pay high interest, then appropriating money worth thousands of billions of VND.

Tam Loc Phat continuously organizes events, with the appearance of many famous artists, actors and comedy youtubers in Vietnam; at the same time, it flaunts on its website the "huge scale" of the business.

Notably, the interest rate is very attractive. Ms. Khuyen's group offers a method of paying high brokerage fees to referrals, paying interest to investors daily with interest rates many times higher than bank interest rates (about 2.93%/month). Tam Loc Phat mobilizes capital in the form of paying high interest rates, taking money from later investors to pay earlier investors like a ponzi model.

Or the case of Sen Tai Thu mobilizing more than 1,000 billion VND with high interest rates even though the company had lost its ability to pay. The mobilization was done under the name of buying and selling shares, with a committed interest rate of up to 12%/year or mobilizing money from later investors to pay earlier investors. In addition to the interest paid to investors, the company also paid a very large percentage of commission to the sales staff.

In November 2023, the Cau Giay District Police, Hanoi City prosecuted and temporarily detained Ms. Pham My Hanh (born in 1980), Chairwoman of the Board of Directors of My Hanh Group Joint Stock Company, for the crime of Fraudulent appropriation of property. Accordingly, Ms. Hanh provided false information about the Ngoc Linh ginseng investment project in many localities, mobilizing more than 1,200 billion VND from many individuals and then appropriating it.

In the case of a domestic fraud organization, the victim can claim a portion of the money thanks to the remaining assets of the enterprise. However, if the fraud is carried out in cyberspace, across borders, the victim will almost lose everything.

The tycoon who was defrauded by Tran Qui Thanh speaks out; the boss of Van Thinh Phat is about to appear in court. The tycoon who was defrauded by Mr. Tran Qui Thanh and appropriated 2 projects worth 881 billion VND speaks out; the true face of the boss and the "octopus tentacles" of Van Thinh Phat; the Government requests to complete the legal framework on virtual assets;... are notable economic news of the past week.