Vietnam Leading Property Developer Van Thinh Phat Group Chairwoman Truong My Lan Alleged to Have Secured $43 Billion of Loan & Embezzled $12.4 Billion from Saigon Commercial Bank Representing 93% of Deposits at the Bank, Truong My Lan is Majority Shareholder of Saigon Commercial Bank
8th December 2023 | Hong Kong
Vietnam leading property developer Van Thinh Phat Group Chairwoman Truong My Lan is alleged to have secured $43 billion of loan from Saigon Commercial Bank (SCB) representing 93% of deposits at the bank, and embezzling $12.4 billion from the bank. Truong My Lan is the majority shareholder of Saigon Commercial Bank. In October 2023, Vietnam government released a statement on Vietnam leading property developer Van Thinh Phat Group, An Dong Investment & affiliates for cheating $1.2 billion from 42,000 investors in 25 illegal bond fraud. In 2022 October, Van Thinh Phat Group Chairwoman Truong My Lan was arrested by Vietnam police.
“ Vietnam Leading Property Developer Van Thinh Phat Group Chairwoman Truong My Lan Alleged to Have Secured $43 Billion of Loan & Embezzled $12.4 Billion from Saigon Commercial Bank Representing 93% of Deposits at the Bank, Truong My Lan is Majority Shareholder of Saigon Commercial Bank “
Vietnam Leading Property Developer Van Thinh Phat Group, An Dong Investment & Affiliates for Cheating $1.2 Billion from 42,000 Investors in 25 Illegal Bond Fraud, Van Thinh Phat Group Chairwoman Truong My Lan Arrested in 2022 October
7th October 2023 – Vietnam government has released a statement on Vietnam leading property developer Van Thinh Phat Group, An Dong Investment & affiliates for cheating $1.2 billion from 42,000 investors in 25 illegal bond fraud. In 2022 October, Van Thinh Phat Group Chairwoman Truong My Lan was arrested by Vietnam police. Vietnam Government Statement: “The Ministry of Public Security is looking for the victim in the case that happened at Van Thinh Phat Group … … The Police Investigation Agency of the Ministry of Public Security is investigating the case of “Fraudulent appropriation of property” that occurred at Van Thinh Phat Group Joint Stock Company, An Dong Investment Group Joint Stock Company and other organizations and units. Relevant according to the Decision to prosecute criminal cases No. 50/QD-CSKT-P10 dated October 07, 10. Investigation results determined: From 2018 to 2020, related subjects at Van Thinh Phat Group Joint Stock Company, An Dong Investment Group Joint Stock Company, Quang Thuan Investment Joint Stock Company, Company City Commercial Services CP. Ho Chi Minh City, Sunny World Investment and Development Joint Stock Company and other organizations have committed fraudulent acts, violating the law, creating 25 bond packages with code: ADC-2018.09, ADC-2018.09.1 , ADC-2019.01, QT-2018.12.1, SNWCH1823001 and 20 codes from SET.H2025.01 to SET.H2025.20 with a total value of 30.081 billion VND to sell to buyers (bondholders), raising money and appropriation. The Police Investigation Agency of the Ministry of Public Security identified the bondholders who own 25 bond codes issued by the 4 companies mentioned above as victims in the case and has entrusted the investigation to the Police Investigation Agency of the Public Security. Provinces/cities according to the bondholder’s address on the bond purchase/transfer contract receive information and take statements from victims to consider and resolve according to the provisions of law.” More info below:
Vietnam Leading Property Developer Van Thinh Phat Group, An Dong Investment & Affiliates for Cheating $1.2 Billion from 42,000 Investors in 25 Illegal Bond Fraud
3rd October 2023 – The Ministry of Public Security is looking for the victim in the case that happened at Van Thinh Phat Group.
The Police Investigation Agency of the Ministry of Public Security is investigating the case of “Fraudulent appropriation of property” that occurred at Van Thinh Phat Group Joint Stock Company, An Dong Investment Group Joint Stock Company and other organizations and units. Relevant according to the Decision to prosecute criminal cases No. 50/QD-CSKT-P10 dated October 07, 10. Investigation results determined: From 2018 to 2020, related subjects at Van Thinh Phat Group Joint Stock Company, An Dong Investment Group Joint Stock Company, Quang Thuan Investment Joint Stock Company, Company City Commercial Services CP. Ho Chi Minh City, Sunny World Investment and Development Joint Stock Company and other organizations have committed fraudulent acts, violating the law, creating 25 bond packages with code: ADC-2018.09, ADC-2018.09.1 , ADC-2019.01, QT-2018.12.1, SNWCH1823001 and 20 codes from SET.H2025.01 to SET.H2025.20 with a total value of 30.081 billion VND to sell to buyers (bondholders), raising money and appropriation.
The Police Investigation Agency of the Ministry of Public Security identified the bondholders who own 25 bond codes issued by the 4 companies mentioned above as victims in the case and has entrusted the investigation to the Police Investigation Agency of the Public Security. Provinces/cities according to the bondholder’s address on the bond purchase/transfer contract receive information and take statements from victims to consider and resolve according to the provisions of law.
To serve the case investigation requirements and ensure the rights of the victim according to the provisions of law, the Police Investigation Agency of the Ministry of Public Security recommends: The victim still has outstanding bond debt of 25 bond packages with codes: ADC 2018.09, ADC-2018.09.1, ADC-2019.01, QT-2018.12.1, SNWCH1823001 and 20 codes from SET.H2025.01 to SET.H2025.20 .04 issued by the 03 companies mentioned above, urgently go to the Police Investigation Agency (PCXNUMX) of the Police of the provinces/cities (where the victim resides or where the bond purchase contract arose) for coordination. work, provide information, documents, contracts related to bond trading or submit applications for consideration and settlement, ensuring legal rights and interests. If the victim does not come to work and cooperate in providing information and documents before the end of the investigation of the case, the Police Investigation Agency of the Ministry of Public Security will not consider and resolve the legal rights and interests in the case. case. The Ministry of Public Security also advises victims to be wary of those who show signs of taking advantage, giving false information, fraudulently appropriating property, inciting protests, and gathering in large numbers at agencies and organizations. related officials, causing social disorder.
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