GFDI defrauded more than 3,700 billion VND: Searching all branches nationwide

On December 2, the Economic Police Department of Da Nang City Police announced that it had completed searches at all branches of GFDI Investment Consulting Company Limited (abbreviated as GFDI Company) nationwide.

Accordingly, the Economic Police Department of Da Nang City Police coordinated with professional units and police of related localities such as Ho Chi Minh City, Hanoi, Can Tho, Nghe An, Ba Ria-Vung Tau to search the headquarters where GFDI Company has branches to collect information and documents related to illegal capital mobilization and other activities with signs of violating the law.

As a result of the search, the police seized many important papers and documents of this company to serve the investigation and clarify the case.

GFDI Company was established on May 17, 2018 with a charter capital of 80 billion VND, headquartered at 92, 29/3 Street, Hoa Xuan Ward, Cam Le District, Da Nang City, with Mr. Nguyen Quang Hoang as General Director, legal representative and Chairman of the Board of Members, owner of the company.

Since its establishment, Nguyen Quang Hoang has built the company's business model in the direction of borrowing money from people by signing "Asset Loan Contracts".

By November 2023, due to business investment losses and financial incapacity, Nguyen Quang Hoang organized and directed employees to defraud and appropriate customers' assets in the form of signing loan contracts, using the money borrowed from the latter to pay the former.

In November 2024, the company lost its ability to pay 7,541 customers with a total outstanding principal of more than VND 3,700 billion.

On November 8, the Economic Police Department of Da Nang City Police coordinated with professional units to conduct an emergency search at the headquarters, transaction office, headquarters of GFDI Company and the private residence of Nguyen Quang Hoang and related people.

On November 18, the Economic Police Department of Da Nang City Police initiated a case and prosecuted Nguyen Quang Hoang and Nguyen Do Dat (Financial Director), Tran Thi My Hanh (Head of Treasury Department), To Hong Tra, Tran Thi Kieu Trang (Director and Deputy Director of the Transaction Office Branch) for the act of "fraudulent appropriation of property".

The Investigation Agency of Da Nang City Police has reviewed and identified 24 assets and many accounts related to the misappropriated cash flow to serve the work of compensation and remedying the consequences caused by the criminal acts of the defendants.