Tan Hoang Minh chairman charged with $356M fraud

The Supreme People's Procuracy of Vietnam on Tuesday charged Dung, along with six other leaders of Tan Hoang Minh and its related companies, with fraudulent appropriation of assets.

The procuracy said that between July 2021 and March 2022, Dung and his accomplice used three companies to illegally issue nine batches of bonds worth a total of VND10.3 trillion.

Tan Hoang Minh leaders collaborated with two auditors, Nam Viet Auditing and Accounting Financial Consulting Services – The North Branch, and CPA Hanoi, so they would approve the bonds even though the bonds failed to meet legal requirements.

Dung ordered staff to transfer money back and forth between bank accounts to record that Tan Hoang Minh had bought the bonds issued by the companies that were part of its own ecosystem, even though the company never paid in full for the bonds.

Tan Hoang Minh then sold the bonds to investors and received VND8.6 trillion in cash from them.

Since his arrest in April last year, Dung has submitted all the money he stole to the authorities.