Female director arrested for fraud of more than 11 billion VND

An Phuong Thao invited Ms. PA to pay a total of nearly 19.9 billion VND to buy thousands of square meters of land for a project that was not implemented.

On November 6, the Department of Investigation Police on Economic Management and Position Crimes (PC46), Hanoi City Police, announced that it had arrested An Phuong Thao (born in 1973, residing in Tay Ho District), Director of D&P Vietnam Investment and Trade Company Limited. Thao is wanted for abuse of trust to appropriate property.

Wanted warrant for An Phuong Thao.

According to the Investigation Agency, D&P Vietnam Investment and Trade Company Limited is headquartered in Quan Hoa Ward, Cau Giay District, Hanoi; was granted a business license in 2009 with the business lines of real estate, investment consulting, and management consulting. Around the end of 2009, An Phuong Thao invited Ms. LPA (residing in Hoan Kiem District) to contribute capital to invest in two projects: Contresxim Cau Dien (Phu Dien, Tu Liem, Hanoi) and the apartment project on Pham Tuan Tai Street (Dich Vong Hau Ward, Cau Giay District).

In the process of persuading the partner, Thao said that D&P Company is cooperating as the investor with Thang Long Real Estate Company (Mo Lao Ward, Ha Dong). If she participates in contributing capital to the two projects above, Ms. PA will have the right to buy the project land at a preferential price. As of January 5, 2010, An Phuong Thao signed a confirmation that Ms. PA had paid a total of nearly 19.9 billion VND to buy 1,750m2 of the Contresxim Cau Dien project and 1,750m2 of the apartment project on Pham Tuan Tai Street.

However, by 2013, the two projects had not yet been implemented. Ms. PA requested a refund, and Thao returned 8.4 billion VND by selling houses in a project that Thao had previously invested in with Ms. PA. After repeatedly demanding money but failing, Ms. PA filed a complaint against Thao for embezzlement of money to the Investigation Agency.

During the investigation, the Investigation Agency determined that the land file of Contresxim-TM Company has not yet been granted an investment license by the competent authorities for the project. Similarly, the apartment project on Pham Tuan Tai Street is not feasible and currently the People's Committee of Cau Giay District has built a public flower garden on this land.

Working with the police, the representative of Thang Long Real Estate Joint Stock Company affirmed that because the project did not have enough conditions for business, this individual representative and the company did not have an agreement or commitment to sell apartments at the Contresxim Cau Dien project and Pham Tuan Tai apartment building to Ms. An Phuong Thao.

Based on the investigation documents, the Hanoi City Police Investigation Agency has issued a decision to prosecute the case, prosecute the accused, issue a search warrant for the residence and issue a wanted notice for An Phuong Thao on the charge of Abuse of trust to appropriate property. The case is under further investigation.

According to VNA