Police and security forces at the building on Nguyễn Oanh Street, where the F88 office is located. — Photo baotintuc.vn

HCM CITY — The HCM City office of the financial services firm F88 was searched Monday afternoon as part of an investigation into fraudulent property appropriation through loans.

Residents reported the area’s police and security forces at the office building on Nguyễn Oanh Street of Gò Vấp District. 

Traffic at Nguyễn Oanh-Phan Văn Trị and Nguyễn Oanh-Nguyễn Văn Lượng intersections were rerouted to limit vehicles travelling through this area. The police also stopped people who tried to film the scene. 

Headquartered in Hà Nội, F88 was founded in 2013 and provides asset-based lending. 

It has rented office space on Nguyễn Oanh Street since the beginning of 2022. The firm also has more than 800 stores across the country. 

Last week, F88 announced it had secured at least US$47 million, mainly from two investment funds, ahead of a potential domestic initial public offering (IPO) next year. — VNS