Fraudulently borrowed money to trade in used cars, embezzling 30 billion VND

News from the Criminal Police Department of Dak Lak Province Police on the afternoon of October 22 said that the unit had just arrested Ho Van Kieu, 32 years old, residing in Krong Buk Commune, Krong Pak District, Dak Lak Province to investigate and handle the act of fraud and appropriation of property. Kieu was identified by the police as the person who had swindled money from many people and then appropriated more than 30 billion VND.

According to the initial investigation, in 2019, Kieu started a small-scale used car trading business in Ea Kar district. In 2020 - 2021, he expanded his business to a larger scale. However, at this time, the Covid-19 pandemic broke out, the business encountered many difficulties, Kieu had to borrow money from many people and was almost unable to pay. To continue operating, Kieu continued to borrow from the previous person to pay interest and principal to the next person, and by early 2023, he was unable to pay, the subject fled to Cam Ranh city, Khanh Hoa province and cut off contact with the creditors.

Receiving the complaint, Dak Lak police investigated, verified and arrested Kieu in Cam Ranh City. Kieu initially confessed that he had provided false information to swindle and borrow money from many victims in Hanoi and Dak Lak Province for a total amount of more than 30 billion VND. Searching Kieu's residence, the police seized many documents and exhibits related to borrowing and trading in used cars.

Dak Lak Provincial Police are continuing to investigate and handle Ho Van Kieu according to the law.