(MENAFN) In 2021, Nguyen Thi Thanh Thuy made a fateful decision to invest her hard-earned savings in a new savings product offered by Saigon Commercial Bank (SCB), enticed by promises of high interest rates. The former factory worker, without hesitation, entrusted all 800 million dong (equivalent to $32,000) of her savings into this banking scheme, believing in the security provided by a government-licensed institution.
Unbeknownst to Thuy and many others, SCB had allocated their investments into bonds that were fraudulently siphoning funds into the coffers of Truong My Lan, a local real estate magnate. This deceitful maneuver orchestrated what authorities have termed as Vietnam's largest financial scam in history.
Expressing her dismay and betrayal, Thuy, aged 61, shared her profound disappointment, stating her complete trust in the assurances provided by the bank's employees. However, the revelation of the fraudulent scheme has shattered her confidence in the integrity of the local banking system. Thuy's entire family savings have been wiped out, leaving them financially devastated.
In an unprecedented move in Vietnam, Thuy has joined fellow investors in vocal protests against the bank. In a country tightly controlled by the Communist Party, such demonstrations are a rarity, underlining the magnitude of the disillusionment and financial devastation experienced by those affected. Thuy emphasized the absence of alternative recourse, stating that they had no choice but to take to the streets in protest.
Thuy's plight is emblematic of the thousands of Vietnamese citizens who find themselves victims of the SCB banking scandal, grappling with the profound loss of their hard-earned funds. The incident has not only eroded trust in financial institutions but has also ignited a collective outcry for justice and accountability in a society where dissent is often suppressed.
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