On September 27th, the Xuan Thoi Son Commune Police and Ho Chi Minh City Police are investigating a reported multi-billion dong rotating savings and credit association (ROSCA) collapse in Xuan Thoi Son Commune. The ROSCA organizer is alleged to be Ms. M.D., residing on Xuan Thoi 14 Street, Xuan Thoi Son Commune.
Ms. D. is also known to manage multiple ROSCAs in the area. Several victims claim that Ms. D. established online groups on social media, organizing various ROSCAs with participants from multiple provinces and cities, promising an interest rate of approximately 10%.
Crowd gathered at Ms. D.’s residence in Xuan Thoi Son Commune, Ho Chi Minh City
Upon hearing unsettling news, many sought out Ms. D. However, she continued to meet with ROSCA members to find a resolution.
When victims arrived at her home, Ms. D. stated that she was not fleeing but was unwell and thus limiting contact with large groups.
Law enforcement and relevant authorities have summoned involved parties for questioning and are compiling case files based on statements from all sides.
Authorities on-site to maintain security
Among the distressed individuals is Ms. A.L., residing in Vinh Hoi Ward, Ho Chi Minh City. Ms. L. invested a total of 2.7 billion dong in Ms. D.’s ROSCA. With only a few days left until her turn to collect, she was distressed by rumors of Ms. D.’s ROSCA collapse spreading on social media.
Ms. L. expressed significant anxiety and distress. Not only is she personally affected, but her sister also participated in the same ROSCA with 2.6 billion dong.
Another participant, Ms. N.T.H. from Dong Thanh Commune, Ho Chi Minh City, invested 3 billion dong in the ROSCA.
Ms. H., also nearing her collection date, was alarmed upon hearing that Ms. D. could no longer fulfill payments.
The case is currently under further investigation by the relevant authorities.
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