HCMC director arrested for swindling $1.1 mln from US partner

Do Van Dung, general director of Southeast Asia Technical Investment JSC, was arrested by HCMC police to be investigated for "obtaining property by fraud."

In July 2020, Dung, as the head of the firm, signed contracts to provide medical gloves to U.S.-based ND Private Capital, whose director is Nicholas Dang. Dung had received $1.1 million from his partner for the deal.

When the delivery date had passed without receipt of goods, Dang demanded a refund. But after Dung failed to comply, the relevant authorities were informed of the matter.

An investigation revealed that Dung's firm was not the producer of the medical gloves and not assigned to either sell or store such items. Yet Dung still falsely advertised these services, tricking clients into signing contracts, and stealing their money.

The $1.1 million stolen by Dung has been used up for personal purposes. An investigation is ongoing.