|Kim Bumjae. — Photo from the HCM City's Police|
HCM CITY — HCM City People’s Procuracy announced on Tuesday it had approved launching criminal proceedings against a Korean man and a Vietnamese woman on charges of “swindling to appropriate assets.”
Fifty-two-year-old Kim Bumjae and 27-year-old Nguyễn Thị Hương from Tân Bình District's Ward 2 in HCM City were arrested for appropriating property by fraud.
Initial investigations show that between March 2019 and June 2020, the Investigation Police Agency under HCM City’s Police Department received 119 letters from individuals denouncing Raon Việt Nam Co., Ltd and Khanh Asset Co., Ltd. for appropriating nearly VNĐ82 billion (US$3.5 million).
Local police found the two multilevel companies were among others opened by Kim to attract investors under business co-operation agreements, with monthly interest rates ranging from 1.5 per cent to 11.9 per cent.
To win the trust of investors, Kim promised to invest the money abroad, organise foreign exchange classes and open cafes.
However, he is thought to have misappropriated the funds remaining after paying the interest and expenses.
Hương allegedly assisted him in creating the two companies and running them. — VNS