Authorities in Ho Chi Minh City are investigating a suspected large-scale "hụi" (informal rotating savings scheme) fraud involving over 50 victims and a total reported amount of more than 70 billion VND (approximately USD 2.9 million).

Police in Xuan Thoi Son Commune, HCMC, have received official complaints from over 50 individuals who claim they contributed money to a rotating savings group led by a woman identified as Nguyen Thi My D. Local police are working with the commune’s authorities to stabilize the situation, collect statements, and proceed with legal documentation and procedures.

Initial reports suggest that on September 26 and 27 alone, over 50 people came forward, alleging that they had each contributed substantial sums to multiple savings groups organized by D., who operated through private social media groups. Victims reportedly span numerous provinces and cities across Vietnam.

According to the police, D. has not fled and is still communicating with victims in an attempt to resolve the situation. However, tensions escalated when on September 26, people from various regions gathered at her house on Xuan Thoi 14 Street, Xuan Thoi Son Commune, after rumors of a "hụi" default surfaced.

Many participants said D. had been managing multiple savings circles via social media for months, promising monthly interest returns of up to 10 percent. Most of the victims did not know one another personally and were primarily from provinces in the Mekong Delta.

As news of the potential scam spread, many tried to contact D., but she responded by saying she was ill and unable to speak. This prompted victims to visit her residence directly for answers and to reclaim their money.

Local police, alongside security forces, arrived to restore order and invited D. and several participants to the station for questioning and documentation.

One participant, identified as L., said she had contributed approximately USD 110,000 (2.7 billion VND) to the fund. She was just five days away from her turn to collect the pooled money when the news broke. Her sister had also contributed about USD 106,000 (2.6 billion VND) in a separate group.

Both women joined forces with other victims to confront D., but received no resolution.

Another participant, N., claimed she had contributed USD 47,000 (1.2 billion VND) over the past six months but had never received a payout. When she tried to confront D., the latter allegedly avoided meeting anyone, prompting N. and others to file formal complaints with the police.

The People’s Committee of Xuan Thoi Son Commune has issued a public notice urging anyone affected by the suspected scam to report to the local police station at 62 Tran Van Muoi Street to assist with the ongoing investigation.

Dam De