Misery because of Nhat Nam real estate

Fears of losing "billions"

An Binh Commune (Nam Sach) had the earliest participants and is one of the localities with many people investing capital in Nhat Nam Real Estate Investment and Trading Joint Stock Company (abbreviated as Nhat Nam Company). Here, the largest investor is nearly 20 billion VND, the rest are mostly from 3-7 billion VND. This amount of money is mainly borrowed by people or mobilized from relatives. Their current concern is whether they can get the money back from Nhat Nam Company or not. If they can't get it back, where will they get the money to pay the debt?

In a daze for many days, Ms. NTN in An Binh commune did not want to talk to anyone. Her husband, TVQ, said that the amount of money his wife invested in Nhat Nam Company was up to 10 billion VND. "In addition to 10 billion, my wife also contributed nearly 10 billion VND from her brothers and relatives. All of it was poured into Nhat Nam. Now I don't know where to get money to pay everyone," said Mr. Q. He and his wife had to mortgage their land use right certificates, borrow money from banks, and take one place to pay another. Just counting the bank interest alone, the family has to pay nearly 80 million VND each month.

Ms. TLT, also from An Binh commune, invested more than 6 billion VND in Nhat Nam Company, money she borrowed from relatives. Selling 2 plots of land in her house, plus borrowing interest from the bank, Ms. T. was able to pay off 2/3 of the debt. Right next to Ms. T.'s house, Ms. NTM hid from her husband and children and invested more than 3 billion VND in Nhat Nam. "This is the money I have saved all my life. Now on the other side of life, I consider it a total loss," Ms. M. said in tears.

Not only An Binh commune, many other localities were also "swept" by the Nhat Nam real estate wave. After the scandals of Nhat Nam Company, people had to sell land, mortgage assets, borrow money from banks... Many families were in turmoil, stressed, and in conflict.

According to a person who used to work as a sales staff in Nhat Nam’s system, in Hai Duong alone, there are thousands of people contributing capital to this company. The most are in Nam Sach district, followed by Hai Duong city, Ninh Giang, Thanh Ha, Gia Loc, Kim Thanh districts…

Due to greed or ignorance?

Mr. NTT in Cam Dong commune (Cam Giang) once thought that investing in Nhat Nam Company was a "gamble" but he still "closed his eyes" and poured 5 billion VND into this company. "Doing nothing, one day when I open my eyes, I will receive a large sum of money in my account", Mr. T. said. This is also the reason why many people are caught up in the Nhat Nam vortex despite the risks.

Nhat Nam Company has been operating in Hai Duong since July 2021, with offices in Ecorivers urban area, Hai Duong city and Nam Sach and Cam Giang districts.

This company uses tricks to attract investors to contribute capital with unreasonable interest rates of up to 34%/year. Specifically, the company offers capital calling packages from 20 million to 5 billion VND, with a contract term of 24 months. Each month, investors will receive 4.17% of capital and 2.83% of interest. This amount is divided equally among the days of the week (excluding Saturdays, Sundays, holidays, and Tet) and investors will receive it daily through their accounts. Not to mention, if they join the company's sales team (search for and introduce more investors to the company), investors will also receive a percentage of the contract value...

This company uses many tricks to gain investors' trust, such as advertising that famous people, people with positions, people who used to work in the police and military sectors participate in investing or are members of the company's Advisory Board, showing off some land use right certificates, taking investors to see the land in the field...

At the beginning of the participation, investors were paid interest and principal regularly. However, from August 2022 to July 2023, Nhat Nam Company stopped paying principal and interest for many reasons. This company required all customers who signed the contract to return the entire original contract to reissue a new contract under the name of Song Da Nhat Nam Group Joint Stock Company.

Too frustrated because Nhat Nam Company has not paid interest and principal for a long time as well as the representative's evasion and evasion, the investors filed a lawsuit.

On September 8, Hanoi City Police issued a decision to prosecute and issue a temporary detention order against Ms. Vu Thi Thuy, Chairwoman of the Board of Directors and General Director of Nhat Nam Company.

Police determined that Ms. Thuy had provided false advertising information about the projects, promising to pay interest rates of 34-46% to make people trust and deposit money into the company under the form of a business cooperation contract, then take money from later people to pay interest to earlier people. With this method, Ms. Thuy had defrauded and appropriated assets of more than 10,000 individuals with a total amount of up to thousands of billions of VND.

Hai Duong Newspaper and Hai Duong Electronic Newspaper have soon posted a video “Risks when investing in Nhat Nam Company” warning investors to be alert to the capital mobilization tricks of this enterprise; comments on unusual signs, the business’s operating situation…