Kim Bumjae. Photo: Tuoi Tre

Fifty-two-year-old Kim Bumjae and 27-year-old Nguyen Thi Huong from Tan Binh district's ward 2 in HCM City were arrested for appropriating property by fraud.

Initial investigations show that between March 2019 and June 2020, the Investigation Police Agency under HCM City’s Police Department received 119 letters from individuals denouncing Raon Vietnam Co., Ltd and Khanh Asset Co., Ltd. for appropriating nearly 82 billion VND (3.5 million USD).

Local police found that the two companies were among others opened by Kim to attract investors under business cooperation agreements, with monthly interest rates ranging from 1.5 percent to 11.9 percent.

To win the trust of investors, Kim promised to invest the money abroad, organise foreign exchange classes, and open coffee shops.

However, he is thought to have misappropriated the funds remaining after paying the interest and expenses.

Huong assisted him in creating the two companies and running them./. VNA