Businesswoman scams $24M in ginseng Ponzi scam.

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    Nov 14, 2023

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Hanoi businesswoman arrested for scamming VND600 billion ($24.6 million) by falsely promoting a non-existent premium ginseng farming venture.


On Sunday, authorities from Cau Giay District disclosed that Pham My Hanh, the chairwoman of My Hanh Corporation, has been implicated in a Ponzi scheme, accused of deceiving individuals and fraudulently obtaining their money.

With her exceptional efforts, she successfully gathered VND1.2 trillion to cultivate Ngoc Linh ginseng, an incredibly valuable variety globally. Furthermore, she wisely utilized half of the funds for herself.

Despite their efforts, the police have been unable to confirm the breakdown of how the remaining VND600 billion was spent. However, they did mention that Hanh allocated a portion of it towards reimbursing investors, some for the purchase of real estate, and a part for personal expenses.

In 2017, Hanh established her company with the claim of being involved in Ngoc Linh ginseng farming within specific localities. She promoted her business by disseminating misleading information about its substantial profits.

By offering an annual interest rate of 24-48%, she successfully enticed over 1,000 investors to come on board.

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