The city police said Friday they had dismantled fraud networks operating under the guise of 11 travel companies and described it as an "organized criminal enterprise."
They have launched criminal cases for fraud and asset appropriation primarily against so-called company directors and employees involved in the scam.
Colonel Nguyen Tien Dat, head of the criminal police division under the HCMC Police Department. Photo by VnExpress/Quoc Thang
Colonel Nguyen Tien Dat, head of the criminal police division under the HCMC Police Department, said: "Victims were persuaded that instead of depositing money in banks, they could purchase these contracts and earn profits by reselling them, with promises of doubling or even multiplying their returns."
Police have seized 5,563 contracts, he said.
