A large crowd gathered outside the home of a woman in Xuan Thoi Son Commune, Ho Chi Minh City, demanding the return of their money amid allegations of a massive ponzi scheme involving hundreds of billions of dong. Local authorities have stepped in to restore order.

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Crowds gather at the home of Nguyen Thi My D. in Xuan Thoi Son Commune to demand their money back. Photo: Tuan Kiet

On September 26, police in Xuan Thoi Son Commune filed a report with the Ho Chi Minh City Police Department regarding initial developments in a suspected scam involving informal savings clubs (known locally as "hui") with an estimated loss exceeding 200 billion VND (approximately USD 8.2 million). Communal police are now working with local authorities to stabilize the situation and have summoned involved individuals for investigation and documentation.

According to early reports, numerous people descended on a house on Xuan Thoi 14 Street, seeking Nguyen Thi My D., whom they accused of running fraudulent savings schemes.

Witnesses said that over the past several months, D. had created multiple groups on social media to operate informal savings clubs, enticing participants with promises of 10% returns. Participants came from various provinces in the Mekong Delta region and often had no prior connection to one another.

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Local police are present to maintain order and escort individuals involved in the incident for questioning. Photo: Tuan Kiet

Recently, D. abruptly ceased collecting contributions and became unresponsive. Some who managed to contact her were told she was unwell, but she failed to provide clear explanations. Fearing the worst, contributors rallied together and went to her home to demand answers and repayment.

One participant, identified as Mrs. N., said she had invested around 1.2 billion VND (roughly USD 49,000) over the past six months but never received any payouts or interest. Upon hearing rumors of the scheme’s collapse, she rushed to D.’s residence to reclaim her money.

Mrs. N. claimed that D. had operated numerous savings groups online, with some individuals contributing tens of billions of dong. Many suspected that the total sum D. could no longer repay might exceed 200 billion VND (over USD 8 million).

When police arrived to assess the situation, D. was still at home and stated that she was working on a resolution with her investors. She was later brought to the local station for further questioning.

Dam De