Dong Nai's Giang Dien tourism site developer accused of $39M fraud

Police in the southern province began an investigation Sunday into Giang Dien Tourism JSC after finding signs of fraud related to a residential project it developed inside the ecotourism area in Trang Bom District.

According to the police, the place spans 120 hectares, with its 37-hectare zone A meant for ecotourism and the remaining 81 hectares in zones B and C meant for housing opposite the tourist area and next to the Buong River.

The company did not obtain approvals from the relevant authorities for investment, land allocation, land-use conversion, construction permits, or sale of plots in the residential zones.

Yet it promoted and signed contracts to sell lands directly and through real estate brokerages.

It even promised to hand over land use rights certificates to buyers within 12 to 24 months.

Many trusted the company and between 2010 and 2018 it signed contracts with some 1,267 customers and collected over VND1 trillion.

It has yet to hand over any certificate, and many customers have filed police reports.