Four people were arrested, including Dang Huu Trung, 35, CEO of IMMS Holdings, an investment and marketing company with 150 employees.
The suspects are now being investigated on charges of conducting illegal business activities. Police also summoned another three for questioning.
IMMS mobilized gold through an online trading platform, claiming that it was run in collaboration with foreign companies. The company promised its customers that the gold would be used in different investment plans for huge returns.
Trung and the other suspects allegedly used the gold for personal investment, police said, adding that no foreign investors took part in the platform.
By the time the scam was busted, more than 5,800 accounts worth of 600 billion Vietnamese dong (26.3 million U.S. dollars) were established on the platform, according to the police.
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