VnExpress International
The most read Vietnamese newspaper
Contact us |
Follow us on       

Real estate group steals $343 mln from investors

By Pham Du   June 30, 2022 | 06:08 am PT
Real estate group steals $343 mln from investors
Do Anh Dung (L), chairman of property developer Tan Hoang Minh, and son Do Hoang Viet, deputy CEO of Tan Hoang Minh Group, were arrested in April 2022. Photo courtesy of the Ministry of Public Security
A real estate group has cheated investors of more than VND8 trillion ($343.8 million) in a bond issuance fraud case, police said Thursday.

Nguyen Van Thanh with the anti-corruption police department said real estate developer Tan Hoang Minh has transferred around VND2.1 trillion to the department at the State Treasury, but investors don't know when exactly they can receive the money.

The police are investigating the fraud to see how many investors were harmed and to calculate the exact amount of money stolen.

In April, Do Anh Dung, chairman of property developer Tan Hoang Minh, along with his son Do Hoang Viet, deputy CEO of Tan Hoang Minh Group, and four others were arrested to be investigated for "fraudulent appropriation of assets."

From July 2021 to March 2022, Dung and other individuals at Tan Hoang Minh Group had issued private bonds to raise more than VND10.3 trillion ($442.7 million) from investors, but the group "would not use the money for business activities in accordance with documents related to the bond issuance," authorities said.

 
Enjoy unlimited articles and premium content with only $1.99 Subscribe now
 
go to top