The conmen typically help the farmers get the bank loans and appropriate a large part of it, the Tuoi Tre (Youth) newspaper reports.
Nguyen Van Lam, a duck breeder in the district, is one of the victims.
In 2006, Lam was in a critical situation after his flock died of disease and his house was flattened by a storm.
Huynh Thi Phong, who resides in Vung Tau City's Thang Tam Ward, offered to help Lam complete procedures to get a bank loan.
To earn Lam's trust, Phong lent him VND50 million to pay back his previous loan at the Bank for Investment and Development of Viet Nam, Ba Ria – Vung Tau branch, and retrieve the certificate of land-use rights to his 10,000sq.m of land that had been used as collateral.
With Lam's certificate of land-use rights, Phong helped Lam complete procedures to borrow VND100 million from the Viet Nam Technological and Commercial Joint-stock Bank (Techcombank)'s Ba Ria-Vung Tau branch.
Instead, without Lam's knowledge, Phong applied for a VND600 million loan.
Lam said he trusted Phong, so he only followed the latter's instructions when signing the documents for the loan without reading it carefully.
It was only when Lam got the loan from the bank that he knew he had applied for VND600 million and that Phong would keep VND500 million.
Because he urgently needed money to repair his house, Lam could only accept the loan and ask Phong to sign a note saying she had borrowed VND500 million from him and would repay it with interest when the loan was due.
On the due day, Lam came to Phong's house to ask for the payment, but she had run away.
Finally, Lam had to sell his land to pay the loan and interest rate, which had reached VND696 million.
It turns out Phong had similarly swindled more than 10 people in Dat Do District.
Some of her victims have filed lawsuits against Phong.
Tuoi Tre reports that other people in the province have also used similar tricks to cheat several farmers, leaving the latter facing huge bank debts.
The victims have lost between hundreds of millions of dong to VND2 billion to this ruse, and many have had to sell off their land to repay the bank loans. — VNS