Police urge victims to come forward in $1B Van Thinh Phat bond fraud

By Viet Tuan May 15, 2024 | 07:12 pm PT

Property tycoon Truong My Lan, chairwoman of Van Thinh Phat, is seen at the People's Court of Ho Chi Minh City in April 2024. Photo by VnExpress/Thanh Tung

Many victims “defrauded” by property developer Van Thinh Phat through a VND30 trillion (US$1.18 billion) bond issuance have yet to file complaints, hindering the investigation, the police said.

They said in a press release Tuesday that they are looking for buyers to complete documentation for the alleged illegal bond issuance.

They have been looking for them for eight months, and while many have been identified, some are unwilling to cooperate, they said.

They warned that anyone not filing a complaint would forfeit their right to be recognized as a "victim."

Between 2018 to 2020 Van Thinh Phat and its affiliates made 25 bond issuances to finance their operations and "to defraud investors," they said without providing any details about the conspiracy.

Van Thinh Phat chairwoman Truong My Lan has been sentenced to death for embezzling money from Saigon Commercial Bank and causing it a loss of VND677 trillion ($27 billion).

Lan has appealed her death sentence.

Three SCB executives found guilty of assisting Lan in her schemes were sentenced to life in prison.

Do Thi Nhan, a chief banking inspector at the State Bank of Vietnam, was also sentenced to life for receiving $5.2 million in bribes to cover up the embezzlement.

Eighty one others were sentenced to three to 20 years in prison.