Investigation launched into deposit savings scandal at Saigon Commercial Bank
The Ministry of Finance's insurance supervision administration has transferred complaints from dozens of citizens to the Ministry of Public Security regarding deposit savings at Saigon Commercial Bank (SCB) that were converted into insurance contracts.
The finance ministry started receiving complaints related to the introduction and advice given on insurance purchases by employees of SCB, an agent of Manulife Vietnam.
The complainants claim the insurance agent had committed fraud and forged signatures for insurance contracts, and requested competent agencies to verify and initiate criminal proceedings to investigate, prosecute and adjudicate fraudulent individuals and collectives, forcing SCB and Manulife to return money to customers.

An SCB transaction office in District 1, HCMC. Photo courtesy of the bank.
“Based on the provisions of the Law on Denunciations, Decree 31/2019 detailing the implementation of the Law on Denunciations, and the Government Inspectorate's Circular No. 05/2021 on handling complaints, denunciations, petitions and reflections, the Ministry of Finance forwards the complaints to the Police Department for Corruption, Smuggling and Economic Crimes for consideration and settlement in accordance with the law and notifying the ministry the results," the Ministry of Finance stated.
After receiving the complaints, the State Bank of Vietnam's inspection and supervision agency transferred the matter to SCB for consideration and settlement in accordance with the law, responding to the customers' collective complaints and notifying the settlement results to the inspection and supervision agency.
Some customers said that when they tried to deposit savings at SCB, the bank's staff switched them to Manulife's Tam An investment insurance packages. After trying to withdraw their savings, they did not receive satisfactory replies as to why the funds were unavailable.
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