What is hui play? What causes the breakdown of tens of billions of dong, what is the law?

Surely everyone has heard about playing hui. However, many people probably still wonder about this "game", what it is, but sometimes hear about the broken ups of tens, even hundreds of billions of dong.

What is hui play?

Playing hui (also known as surname, ward) is a form of property transaction (mainly money) based on the agreement of a group of people gathered together to determine the amount and time. , amount (or other property depending on), actual contribution, receipt, rights and obligations of the participating members.

When playing hui, there will be a person who owns the hui and invites other members to play (con hui). Usually each group will have 10 or more people. The owner of the hui will be responsible for collecting money (or property) of the hui, agreeing on the amount of assets to contribute, the number of installments, the time of contribution, the opening period... There are 2 popular forms of hui.

The first form is no fee no interest

The organizer is called hui, invites everyone, who are friends and acquaintances who already know each other, to play hui.

For example, there are 12 people, each person contributes 10 million each month. A total of 120 million.

Each month, one person will receive this money to use as capital or to spend.

Each group will have a way to determine who will receive money that month, usually by lottery, or determine who needs the money more urgently.

The person who receives the money in that month, the rest is the collector who will pay an amount for the meeting. And in turn, everyone gets the scoop.

This form of hui, only exists in groups of very close friends.

The second form has a fee (also known as Thao) for the owner. The draft amount is from 5%-20% of a member's monthly fee.

For example, a hui consists of 12 people, including the owner. Each person will basically contribute 1 million/month. Those who want to withdraw must bid. And whoever bids the highest price will be picked up. That person must pay 200,000 VND to the owner who has merit to organize or 500,000 VND to the owner who has the merit of organizing and responsible for the risk when the hui breaks down.

Suppose the winner in January asks for 110,000, that is, in January, other members only have to pay = 1,000,000 - 110,000 = 890,000 VND. That is, the winner of January will be from 11 members, the remaining amount is = 11 * 890,000. The collector still has to pay 200,000 to the owner, so the amount of money the person who collects in January will receive is = 11 * 890,000 - 200,000 = 9,590,000. After collecting the hui in January, from February this person has to pay the hui amount: 1,000,000 VND/month.

Assume that the amount of money called hui in the months is 100,000 VND (February), 90,000 VND (March), 80,000 VND (April), up to 10,000 VND (November), and 0 VND in December.

Let's analyze March withdrawals:

In January: Because he asked for 110,000 in January, he only paid 890,000 VND in January in March.

In February: Because he asked for 100,000 VND in February, he only paid 900,000 VND in February in March.

In March: he withdraws: 2 parts of his 1 million in January, his brother in February, and 9 parts * 910,000 VND (the monthly fee is 9,000 VND), minus 200,000 fees. Total you in March = 2 * 1,000,000 9 * 910,000 - 200,000 = 9,990,000

- From April to December: every month he pays the death penalty: 1,000,000 VND.

- Applying IRR formula, we will calculate the interest rate of this cash flow as: 2.04%/month.

When playing hui is supportive, whoever needs money every month will collect it in that month. This is the greatest effect of playing hui.

However, we also need to analyze the Rate of Return on each month, to see which month is the most profitable.

The breakdown of tens of billions of dong shook public opinion, why should it be?

Recently, in Ha Tinh, there was a case of a pool of up to 40 billion VND. Police leaders of Ha Tinh province said that they are in the process of clarifying the denunciation of hundreds of people in Ky Anh district about being scammed by Mrs. HTT (born in 1988) in the form of donations.

Or in Dong Nai at the beginning of June, 2023, at the authorities, a hui owner claimed that from 2018 until the declaration of default, he had collected money from about 500 people and some acquaintances to do business. The total amount borrowed and collected so far is about VND 80 billion.

The money on this person lent to some borrowers to maturity and to friends to do business, but then it was taken away. Being short of money, this person has to take the title of house and land as a pledge to the bank to get money to pay the rent.

For the past two years, this person has not made any money while the money to pay hui, external loans and bank interest is too large, up to nearly 900 million VND in a month. Seeing that he could no longer pay the debt, this person was forced to declare default.

These are two of the many cases of broken hui that made the children suffer because they contributed a large amount of money, even up to billions of dong for the owner.

Playing hui is a form of quick capital mobilization with attractive interest rates, so it attracts a large number of participants. However, when playing, many people have not learned carefully how to play, gullible trust in the main object. These things have inadvertently created loopholes for the owners to commit fraudulent acts.

In many localities, authorities have warned about the situation of broken hui. This is also considered a form of fraud and will be dealt with according to the law, depending on the extent of property damage.

The breakdown leads to serious consequences, breaking the doors of many families, even causing tragic things to happen. In order to operate the donation form in accordance with the purposes and provisions of the law, the Government has issued Decree No. 19/2019/ND-CP detailing how it works and who is allowed to organize it. hui, the principles of organization.

Accordingly, there are prescribed principles, including: Their organization must comply with the basic principles of civil law specified in Article 3 of the Civil Code; The organization of surnames is only carried out for the purpose of mutual assistance between the participants in their relations; They must not be organized to lend at high interest rates, fraudulently appropriate assets, abuse trust to appropriate assets, illegally raise capital or commit other violations of the law.

In addition, according to the provisions of Decree 19/2019, the owner is a person who is full eighteen years of age or older and does not fall into the case of loss of civil act capacity, limited civil act capacity or difficulties in life. awareness and behavior control as prescribed in the Civil Code.

Besides, the decree also stipulates that if the rope is of low value and the owner only opens one, it does not have to report it to the authorities. However, if the hui organization has a value of VND 100 million or more in a hui opening period, or if the organization has two or more chains, the owner must notify in writing the commune-level People's Committee of the place of residence. about the organization of ropes.

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