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The Hanoi company used false information to mobilize investments and then used part of that money to pay interest to the investors, the police said.
But it kept the remaining "extraordinarily large" amount, they said.
Thuy was arrested on August 31.
Nhat Nam Group, which has offices across the country, offers interest of nearly 10% a month to investors.
Some investors, seeing signs of being defrauded, had reported the matter to the police.
Thuy, 40, established Nhat Nam Group in 2019 and claimed to have land lots in many localities from Hanoi to the southernmost island of Phu Quoc.
