HCMC – The Ministry of Public Security has accused Van Thinh Phat Holdings Group Corporation of defrauding investors of VND30 trillion.
The announcement was made at a press conference today, October 2, by Major General Nguyen Van Thanh, deputy head of the Investigative Police Department for Corruption, Smuggling and Economic Crimes (C03) under the Ministry of Public Security (MPS).
According to Thanh, the alleged fraudulent activities at the company date back to 2018. The suspects associated with Van Thinh Phat and its subsidiaries are accused of issuing bonds under false pretenses, violating existing laws. The case involves 42,000 investors, and due to its large scale, various law enforcement agencies have been enlisted to assist in the investigation.
Nearly a year after initiating the investigation, C03 has arrested Truong My Lan, chairwoman of Van Thinh Phat, along with several other suspects. Additionally, Do Thi Nhan, former chief of the Inspectorate and Supervision Department II under the State Bank of Vietnam, has been detained on alleged charges of abusing her position and authority.
In a related development, Major General Thanh said that Tan Hoang Minh Group, a major property developer based in Hanoi City, is accused of swindling VND8.6 trillion from over 6,000 investors. The chairperson of Tan Hoang Minh Group has returned the money, but these will be held as evidence until the court issues a verdict.
Investors are advised to closely monitor the ongoing court proceedings. Thanh stated that the legal process will be complex due to the large number of investors involved, but assured that efforts are being made to recover the stolen funds.