Attracted by promises of quick wealth, more than 1,600 investors poured nearly 400 billion VND ($16 million) into fraudulent projects linked to the Vietnam Cooperative Alliance and Global Market Group, both chaired by Le Thi Hien.

Elaborate scam operation

The Long Bien District Police in Hanoi have arrested and charged Le Thi Hien (born 1984, residing in Binh Giang, Hai Duong) with fraud and asset appropriation.

Hien, who served as Chairwoman of the Vietnam Cooperative Alliance and Global Market Group, orchestrated a sophisticated scheme that deceived thousands of investors.

Despite claiming to run large enterprises, Hien's companies had only about 20 employees, including administrative staff.

However, she built an extensive network of brokers across multiple provinces and cities, luring investors into her fraudulent schemes. In total, she misappropriated nearly 400 billion VND ($16 million).

Hien’s companies boasted a registered capital of 200 billion VND ($8 million), but police confirmed that these figures were entirely fabricated.

Authorities began monitoring her suspicious activities in 2021, launching an extensive investigation due to the complexity of the fraud and the sheer number of victims involved.

Fake projects and fabricated documents

Hien employed a variety of tactics to create the illusion of legitimacy. She directed her team to design 3D graphics and master plans for non-existent projects, complete with numbered kiosks and projected timelines for groundbreaking, construction, and completion. In reality, these projects were never approved or even considered for investment.

To enhance credibility, Hien’s companies submitted applications for permits from government agencies. Despite many projects lacking legal approval, she used these official documents to mislead investors about their legitimacy.

Additionally, she organized large-scale events, including groundbreaking ceremonies, investor conferences, and promotional campaigns featuring luxurious gifts such as gold and valuable items to entice potential investors.

Between October 2021 and June 2022, Hien successfully raised nearly 400 billion VND ($16 million) by promising investors high returns.

Extensive network and high commissions

Hien established a network of representatives and brokers who actively recruited investors. Brokers received a 25% commission on the total funds raised, with additional bonuses ranging from 1% to 5%.

To date, over 200 victims have filed complaints, and investigators have interviewed more than 100 individuals who collectively invested over 93 billion VND ($3.7 million) into Hien’s fraudulent ventures.

By the time of her arrest, most of Hien’s promised projects had not materialized, and nearly all of the funds had been embezzled, leaving investors with nothing.

Tien Dung