HCMC – Truong My Lan, former chairwoman of Van Thinh Phat Group, has been accused of illegal money transfers amounting to over US$4.5 billion, equivalent to around VND106.7 trillion, over a period of 10 years, according to local media reports.
The Investigation Police Department for Corruption, Smuggling, and Economic Crimes (C03) under the Ministry of Public Security revealed the findings of their phase-two investigation into the case involving Van Thinh Phat Group and SCB.
Lan and 33 others face charges of asset misappropriation fraud, money laundering, and illegal money transfers between Vietnam and foreign countries.
From October 27, 2012, to October 7, 2022, a total of 21 companies under Van Thinh Phat Group illegally conducted 78 transactions, transferring over US$1.5 billion abroad. Conversely, 21 related companies received over US$3 billion from abroad and transferred it to Vietnam.
The money transfers between Vietnam and foreign countries were conducted through forged contracts on share purchases, capital contributions, consultancy agreements, or loans.
Lan and her accomplices were accused of illegally transferring money across borders in accordance with Article 189 of the Penal Code.
The investigation found that Lan was the mastermind behind a money laundering scheme involving a total of over VND445 trillion. This includes more than VND415 trillion sourced from the embezzlement of SCB’s assets and VND30 trillion from property fraud.
Regarding the charge of asset misappropriation fraud, Lan and her accomplices were accused of issuing 25 fraudulent bond packages, lacking assets used as collateral, and currently unable to make payments. These bond packages were issued by four entities: An Dong Investment Group, Quang Thuan Investment Corporation, Sunny World Investment and Development Corporation, and HCMC Service – Trading Corporation (SETRA CORP).
The combined value of these bond packages exceeded VND30,869 billion. Currently, the outstanding debt remains at VND30 trillion, with more than 35,000 investors affected.
