VietNamNet Bridge – According to investigation of Hanoi police agency, recent bankrupt cases worth millions of USD in Hanoi are related to the stock and estate markets.

Million USD bankruptcies shake Hanoi’s suburbs

Colonel Dinh Van Toan, deputy director of Hanoi police agency, said many bankrupt cases were reported in Hanoi so far this year, including the VND300 billion ($14 million) case in Dan Phuong district, the VND400 billion (nearly $20 million) case in Phu Xuyen district, the VND300 billion in Ha Dong district and the latest VND100 billion ($5 million) in Cau Giay district.

Toan said all of the cases are in the same type: some individuals borrowed capital from local residents with extremely high interest rate to invest in the stock and estate markets, which are frozen now, and ran away when they were insolvency.

The colonel also said that police are investigating some other bankrupt cases, in which debtors could not pay banking loans worth from VND70 billion ($3.5 million) to several hundreds of billion dong.

The police official said that there are some bankrupt cases that are still hidden.

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