Police search lending firm F88's office in HCM City

HCM CITY — The HCM City office of the financial services firm F88 was searched Monday afternoon as part of an investigation into fraudulent property appropriation through loans. Residents reported the area’s police and security forces at the office building on Nguyễn Oanh Street of Gò Vấp District. Traffic at Nguyễn Oanh-Phan Văn Trị and Nguyễn Oanh-Nguyễn Văn Lượng intersections were rerouted to limit vehicles travelling through this area. It has rented office space on Nguyễn Oanh Street since the beginning of 2022. Last week, F88 announced it had secured at least US$47 million, mainly from two investment funds, ahead of a potential domestic initial public offering (IPO) next year.