Following these violations, the Investigation Police Agency of Hanoi Police initiated 21 criminal cases involving 187 defendants for property appropriation fraud. The suspects are accused of defrauding victims through two primary schemes: selling 'holiday ownership contracts' and brokering holiday transfers.

Police initially identified 23 companies involved in these schemes, including 14 joint-stock companies: Green Travel Viet Nam, Zo Group, Du lich va Khach san ky nghi Hanh phuc (Happy Holidays), Thuong mai va dich vu Amazing - Star, New Era Group, Tap doan Archi, the du lich Crystal Bay, Global Travel Tour, Du lich Viet Tour, dau tu va dich vu Newland Travel, Dau tu dich vu Masa Group, Hoang Kim Card, Dau tu Times Holding, and Dau tu phat trien du lich Ravi.

The remaining nine are limited liability companies: Sunland Travel, Thuong mai va dich vu New Stars, Viet Nam Cruise Tourism (renamed Cong ty TNHH dau tu va TMAn Travel), Thuong mai va Dich vu Starlux Travel, Golden Vacation, Dream Trips, Thuong mai va Dich vu Zesttrip, du lich tap doan Areana Viet Nam (renamed Cong ty TNHH Thuong mai NA'VIE CITY TOUR), and Thuong mai & Dich vu Symphony.

Among these 23 companies, Crystal Bay was known as one of the first and largest enterprises to participate in the holiday ownership sales market in Viet Nam, gaining significant recognition.

Holiday sales contracts. *Photo: Linh Dan*

According to police, the first scheme involved suspects establishing companies to sell 'holiday ownership' packages. They lured potential buyers by inviting them to trips and seminars, offering free vouchers. Customers were then enticed to purchase holiday packages ranging from 200 to 900 million VND, with prices varying based on the holiday duration and contract term, typically from 5 to 40 years.

These companies also promised the potential for profit, claiming customers could transfer their holiday ownership to others if they no longer needed it. Such tactics pressured customers, who often signed and paid deposits without thoroughly reading or understanding the contracts.

However, in reality, no customer was ever able to transfer their contract. Company staff and management consistently evaded requests or provided various excuses to avoid facilitating contract transfers for clients.

Police working with the defendants. *Photo: Linh Dan*

The second scheme involved individuals, often former holiday contract sales staff, establishing brokerage companies to facilitate the rental or transfer of holiday ownership contracts. They deceived customers by claiming partnerships with holiday providers and promising unusually high resale prices.

While a typical holiday contract might be valued at 200 million VND, these brokers promised customers returns of 1 billion VND, 2.8 billion VND, or even 10 billion VND after renting or transferring the contract. Sales staff further assured clients that the contract execution would be completed within 1 to 1.5 months.

However, the actual brokerage contracts stipulated a 10-year execution period, creating significant obstacles for customers attempting to cancel or seek compensation. To evade detection and avoid legal action, the groups frequently changed company names or established new entities.

Police confirmed that these holiday brokerage companies never actually transferred or rented out holidays for any customer. Instead, they largely misappropriated the funds received from clients to cover staff salaries, bonuses, and personal expenditures.