Former Director of Yen Thanh Town People's Credit Fund Arrested

On October 4th, the Economic Police Department (Nghe An Provincial Police) issued a decision to initiate a criminal case, indict the suspect, and execute an arrest warrant to detain Phan Viet Anh (born in 1971, residing in Block 1, Yen Thanh town, Yen Thanh district) for 4 months on the charge of "Abusing position and authority while performing official duties".

Phan Viet Anh was formerly the Director of the People's Credit Fund of Yen Thanh town.

The Investigation Police Department of Nghe An province executed the order to arrest and detain suspect Phan Viet Anh. Photo: Duc Vu

Based on the investigation, the Economic Police Department determined that during his time as director of the Yen Thanh Town People's Credit Fund, Phan Viet Anh fabricated two loan applications, causing a loss of 2.5 billion VND to the Yen Thanh Town People's Credit Fund. The fabricated applications lacked collateral and the assets were not properly appraised.

Specifically, in May 2018, Phan Viet Anh fabricated loan documents under the name of Pham Thi Phuong Tu (Phan Viet Anh's mother) to borrow 2.5 billion VND. The collateral included land use right certificates and a car.

All the signatures were forged by Phan Viet Anh under the borrower's name; in reality, this loan application had no collateral.

After completing the loan application, Phan Viet Anh instructed his subordinates to prepare payment documents totaling nearly 1.4 billion VND for customers, while he used the remaining amount for personal purposes.

Subsequently, on June 28, 2018, Phan Viet Anh continued to instruct the creation of fraudulent loan documents under his wife's name, Le Thi Thu Ha, to borrow 2.5 billion VND, with the purpose of settling the loan application under his mother's name, Pham Thi Phuong Tu.

The entire collateral in this loan application, including the house and car, was not appraised and does not meet the required standards. No payments have been made on this loan.

The Yen Thanh District People's Credit Fund was established and began operations in October 1996. Since 2017, its business performance has shown signs of losses, and bad debts have increased.

In order to restructure the organization and continue operations while avoiding scrutiny, especially from the State Bank of Nghe An province, Phan Viet Anh fabricated several loan applications from members of the Yen Thanh Town People's Credit Fund.

On June 27, 2018, Phan Viet Anh was dismissed from his position as Director of the Yen Thanh Town People's Credit Fund. On September 27, 2019, the State Bank of Vietnam conducted an inspection and discovered 10 violations at the Yen Thanh Town People's Credit Fund.

Currently, the Economic Police Department is continuing and expanding its investigation into the case.