VietNamNet Bridge - Police arrested on November 8 two women and one man in an online investment scam that caused 160 billion VND (10 million USD) in losses for 20,000 investors in Vietnam.

Police arrested the three people who set up the online scam in Ha Noi, Ho Chi Minh City and Lang Son.

Arrested in connection with scam on November 8 were Hong Thi Bay, 42, a resident of Lang Son, Nguyen Van Dan, 34, a resident of HCM City’s District 12, and Vu Thi Thu Hang, a 31-year-old resident of HCM City’s Tan Binh District.

Hang is the representative of the so-called Colony Invest Management Inc. (CI).

The company promised a sky-high interest rate of 70 percent per month on investments.

The capital, the company told investors, would be used for casinos, and insurance and property projects in the US, police said.

However, police said information on the company websites, including www.colonyinvest.net; www.callyinvest.com; www.money100.us; www.cinvest.com and www.vipviet.com was fictitious.

The company CI (www.colonyinvest.net) has no office and has never neen licensed for financial activities in Vietnam.