92 people reported to the police because they were "trapped" in bonds sold at SCB with nearly 160 billion VND

Ms. Binh said she deposited the money from selling her house at SCB Bank, then was vaguely advised to switch to bonds, but she still thought she was participating in a flexible savings and withdrawal form - Photo: BONG MAI

At noon today, April 28, the office of the Ho Chi Minh City Police Investigation Agency officially received a collective petition from 92 individuals, along with related documents, accusing Saigon Commercial Joint Stock Bank (SCB) of embezzling a total of nearly 160 billion VND.

Painful because of the "collapse" of An Dong and Quang Thuan bonds... sold at SCB

According to the complaint, people said they were given ambiguous advice by employees at SCB Bank, causing them to misunderstand that they were participating in a new form of savings, with flexible withdrawals and higher interest rates than regular deposits, but in reality they were buying bonds.

People were not provided with information about the bond issuing company, and were not allowed to choose the bond code, which was set by the bank. So far, they have not been able to withdraw the interest and principal as promised.

Standing before the police station, Ms. Pham Thi Binh (56 years old, sugarcane juice seller, Cu Chi district) cried and said that because her son's business failed, she sold her house in early 2022 to prepare money to pay off his debt. While waiting for her son to return home to pay off his debt, she brought nearly 1.3 billion VND to deposit at SCB Bank.

However, she was advised by a bank employee to participate in a new form of savings, where when she needed money, she could withdraw it flexibly without losing interest like a regular term deposit, not to mention that she was buying bonds from An Dong Investment Group Joint Stock Company and Quang Thuan Investment Joint Stock Company, which could be risky.

"I have little education, so I'm not good at writing. I have to write slowly and read slowly to understand. So I signed wherever I was told where to sign. I went to the bank so I trusted. Now I have no money, my child is in debt and can't pay it back, and I myself have a tumor and need money for medical treatment. It hurts so much, I can't sleep at night," Ms. Binh shared, her eyes red with tears.

People write a complaint to the police - Photo: MINH HOA

Unable to keep calm, Ms. TTT (61 years old, former vice principal of a kindergarten in Ho Chi Minh City, now retired) cried, saying that not only she but also her son was involved in bonds sold at SCB Bank with an amount of nearly 1 billion VND.

Holding the complaint in her hand, Ms. T. shared: "I have worked in the education sector for 36 years, that amount of money is all my savings and thrift. It is very painful. I also have knowledge, not that I do not know anything, but because I trusted the consultant too much, I was manipulated. I thought I was saving in a new form, but who would have thought I was buying bonds. Now both mother and child are involved. Extremely desperate."

Asked why buying bonds and saving are two different forms but there is confusion, and at the same time not doubting the consultant's words, Ms. Cua (55 years old) said: "This employee is at the bank so there is nothing to worry about, if there is any problem, I just go to the bank to solve it." Thus, she transferred a total of 3 billion VND, an amount of money that she had to save her whole life to have.

According to Tuoi Tre