Couple sets up company to raise capital, defrauds 155 billion VND.
The couple used promises of high returns to lure and deceive many people into investing, ultimately defrauding them of over 155 billion VND.
On November 15th, the Investigation Police Department of Cao Bang province initiated a criminal case, indicted the suspects, and issued a temporary detention order for a period of 4 months against two individuals: Nong Van Au, born in 1986, Chairman of the Board of Directors of Lam Dai Phuc Group Joint Stock Company, located at 121 Nguyen Luong Bang Street, Hoa Thang Commune, Buon Ma Thuot City, Dak Lak Province, and his wife, Nguyen Thi Vinh, born in 1991, Vice Chairman of the Board of Directors of Lam Dai Phuc Company (both residing in Hamlet 4, Hoa Thang Commune, Buon Ma Thuot City, Dak Lak Province), for the crime of "Fraudulent appropriation of property". These procedural decisions have been approved by the Provincial People's Procuracy.
The suspects are Nguyen Thi Vinh and Nong Van Au.
Previously, the Criminal Investigation Department of the Cao Bang Provincial Police received complaints from several citizens in Cao Bang province accusing Nong Van Au and Nguyen Thi Vinh of fraud and misappropriation of property. Investigations revealed that, after its establishment, Lam Dai Phuc Group Joint Stock Company, chaired and vice-chaired by Au and Vinh, consistently operated at a loss.
Au and Vinh used deceptive tactics, holding seminars and conferences to introduce and solicit investment in real estate projects and factory construction projects in various localities, promising high and attractive interest rates. They falsely claimed to be a company with large registered capital and showed fake project documents to build trust and entice many people to invest.
When the investors transferred the money to Au and Vinh, both of them used the money for other personal purposes, failing to fulfill their contractual commitments and becoming unable to repay the debt.
According to the investigation results, from 2019 to 2022, Au and Vinh attracted nearly 300 billion VND in investment capital into Lam Dai Phuc Company from investors nationwide, with over 83 billion VND raised from numerous individuals in Cao Bang province alone. Initially, the investigating agency determined that Au and Vinh had embezzled over 155 billion VND and were unable to repay the investors because the projects they presented were fictitious.
