Novaland’s head office in downtown HCM City. — VNS Photo Bồ Xuân Hiệp

HCM CITY — HCM City authorities have arrested a 44-year-old man for allegedly spreading false information on social media claiming property developer Novaland was unable to repay its debts.

Đỗ Minh Quang was arrested on Friday on suspicion of abusing democratic freedoms to infringe upon the interests of the State and the lawful rights and interests of organisations and individuals, the HCM City Police said.

The investigation began after Novaland filed a complaint about unverified information circulating on social media platforms, including Facebook, Threads and TikTok, as well as messaging groups on Zalo, Viber and Telegram.

Some posts claimed the company was at risk of bankruptcy and unable to meet its debt obligations, police said.

Investigators identified Quang as the operator of a Facebook account named “Quang Do” and said he had published multiple posts containing false information about Novaland’s business operations.

Quang admitted posting the content to attract attention, increase views and likes, and gain followers, according to the police. He was aware that the posts could harm the company but continued to publish them, investigators said.

Police said the posts had attracted substantial engagement and could affect Novaland’s reputation, business operations and lawful interests.

The investigation is continuing, with authorities examining the case and verifying whether other individuals or social media accounts were involved in spreading false information about the company.

Police have urged social media users to verify information before publishing or sharing it and advised businesses to preserve relevant online evidence and report suspected false information to the authorities.

The case comes as Novaland faces continued public scrutiny over its financial position and debt obligations. — VNS