Vietnam police raids bankrupt financial firm after rare protests

After hundreds of people gathered outside the company’s offices to demand their money back, Vietnamese police conducted a raid on the business on Monday ( Nov. 11 ), according to state media.

The Ministry of Public Security ( MPS) said in a statement that they were investigating GFDI Company, a financial investment consultancy, over “illegal capital mobilisation and fraud”.

According to state-run news agency VNExpress, about 300 people with money tied up with GFDI had protested in front of the company’s offices and other offices in the area of Danang a few days prior.

Presentations are comparatively uncommon in socialist Vietnam.

The MPS said in its speech issued on Saturday that the firm, which set up in Danang in 2018, owed 7, 500 users a total of US$ 147 million.

The MPS continued that GFDI had been using deals for high-rate mortgages to borrow money from people.