Police in Ha Tinh Province have arrested a man and are hunting for another who are accused of posing as senior police officers in a major scam targeting investors.
Tran Van Nhut, 57, of Ho Chi Minh City will be in custody for four months for investigation into swindling charges, Ha Tinh newspaper reported.
Police are searching for his accomplice, known by the alias of Bay Cut.
Preliminary investigation found that the duo impersonated high ranking officers from the Ministry of Public Security.
They even made friends with local officials and through these officials, they met with many local investors, promising to help with lucrative construction projects.
Many investors have been victimized by the duo, who were always accompanied by an entourage and stayed at luxury hotels, Ha Tinh newspaper reported.
Investigators said Nhut has swindled nearly VND2 billion (US$93,620) from victims in Ha Tinh and Bac Ninh.
Colonel Tran Van Son said police seized more than VND424 million and a car from the duo.
The investigation continues.