CEO of Giang Dien Tourism company arrested for defrauding 1,200 land buyers

Tuan, and the executives, arrested Monday for "fraudulent appropriation of assets," are suspected to have signed 1,267 illegal land sale contracts between 2010 and 2018 for VND1 trillion (US$39 million).

They sold plots in 110-hectare tourism and residential project despite not having the license to do so, the police said.

They used estate brokerages to promote and sell, often with false information about the lands’ legal status, they added.

The project is known as Giang Dien, a popular ecotourism and camping location around 50 kilometers away from HCMC.

The police are investigating further.