Arrested director for inflating investment value for personal gain, causing loss of more than 30 billion VND
Using various tricks, Mr. Cong Minh Thao and a number of employees inflated the investment value of the Song Thao town industrial cluster's infrastructure, Cam Khe district, Phu Tho province to make profits, causing a loss of more than 30 billion VND.
On January 15, the Investigation Police Agency of Phu Tho Province Police announced that it had arrested Mr. Cong Minh Thao (born in 1957, in Trung Nguyen Commune, Yen Lac District, Vinh Phuc Province), Director of Phuong Thanh Production, Trade and Construction Company Limited, for the crimes of "Using fake documents" and "Violating regulations on research, exploration and exploitation of resources".
Initial investigation results show that, by using fake audit reports, fake financial reports, illegally exploiting resources, inflating construction contracts for wastewater treatment plants and other infrastructure projects,... Mr. Thao and a number of employees of Phuong Thanh Production, Trade and Construction Company Limited inflated the value of infrastructure investment in Song Thao town industrial cluster, Cam Khe district, Phu Tho province for personal gain. To date, the estimated loss is over 30 billion VND.
This is a newly discovered criminal method, the investigation is related to the field of investment and business in infrastructure of industrial parks. The Investigation Police Agency is continuing to expand the investigation to handle it according to the provisions of the law.
