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| An investigator read the arrest warrant to Lam Quoc Hung, director of Diamond Holiday Dong Nam A Co Ltd, yesterday |
Police also searched his company office and his home in Nhan Chinh Ward, Thanh Xuan District.
Hung would be detained for 4 months for investigation, police said.
The man had convinced his victims to pay a membership fee of US$375, which he said would enable members to enjoy cheap foreign tours under a program titled “Travelling and Earning money” organized by the group.
He promised his victims that a bonus of US$1,000 would be given to any member who could bring 14 new members to the program, An Ninh Thu Do newspaper reported.
Hung also told his victims that they would stay in 3-5 star hotels during their tours.
Numerous people, who were attracted by Hung’s promises had paid the membership fees to him, but he later almost did not arrange for anyone to travel aboard, police said.
According to initial investigation results, Hung had swindled as many as 73,000 people of $2.7 million.
The police are continuing with their investigation.