Spectacular scam of 159 billion VND by general director in the West

The above content is stated in the indictment of the People's Procuracy of Hau Giang province prosecuting the accused Vo Thanh Long (39 years old, residing in Ninh Kieu district, Can Tho city) and 9 subordinates for the crime of fraud and appropriation of property.

Defendant Vo Thanh Long is the General Director of Cao Thang Real Estate Joint Stock Company; Viet Dream International Joint Stock Company and Phu Huu Eco-tourism Area, in Chau Thanh District, Hau Giang Province.

In 2012, Mr. Long established Kim Trung Hai Company with the business lines of civil and irrigation construction, buying and selling construction materials...

In 2015, Mr. Long changed the name of Kim Trung Hai Company to Uoc Mo Viet International Joint Stock Company, and switched to the field of electrical, electronic and refrigeration equipment maintenance. During the business process, Uoc Mo Viet Company suffered losses.

Mr. Vo Thanh Long was accused of defrauding more than 800 people of more than 159 billion VND.

In 2016, Mr. Long established the Joint Stock Company.real estateCao Thang. In early 2017, Mr. Long signed a contract to transfer the land use rights and assets of the Phu Huu eco-tourism project (Chau Thanh district) for 26 billion VND.

However, Mr. Long did not carry out the legal procedures as prescribed to implement the project. He also did not transfer the land use rights and assets to Cao Thang Company.

The projects and items in this tourist area have not been licensed. In particular, Phu Huu tourist area has not been licensed by the Department of Culture, Sports and Tourism of Hau Giang, but Mr. Long and his subordinates have taken advantage of this project to mobilize capital in the form ofmulti-level marketing.

Mr. Long's subordinates gave false information such as Phu Huu tourist area has an area of ​​12 hectares, value of 700 billion VND, legal procedures are complete to call for investment cooperation. If investors contribute 50 million VND, they will receive a profit of 2 million VND/month (in 12 months). In the 13th month, investors will receive a return of 51 million VND.

The 200-500 million VND packages also have similar interest rates. In addition, Long's Cao Thang Real Estate Company will deduct 20% of the total investment cooperation revenue to share with customers...

145 people trusted and signed investment cooperation contracts, paying Mr. Long's company nearly 49 billion VND.

In addition, Mr. Long and his subordinates also committed fraud by liquidating the investment contract in the Phu Huu tourist area project; liquidating the contract to buy civil property maintenance vouchers of Uoc Mo Viet Company to buy shares of Cao Thang Company.

To pressure customers to switch to buying shares of Cao Thang Company, Mr. Long announced that Uoc Mo Viet Company would stop operating. If customers do not liquidate the contract, they will lose all the money they have invested.

At the same time, he promised to give an additional 10-30% of the money value if customers switched to buying shares of a real estate company. In addition, Mr. Long also committed fraud through selling shares of Cao Thang Company, travel ticket agency contracts... to appropriate a total of 816 people in 39 provinces and cities with a total amount of more than 159 billion VND.

Current Phu Huu tourist area.

“Defendant Vo Thanh Long is the mastermind and leader who directed the remaining defendants to commit fraud and appropriate property. Defendant Long is primarily responsible for the amount of more than 159 billion VND appropriated from 816 victims,” the indictment alleges.

According to the indictment, the defendant Long used the embezzled money to pay off the debt of Uoc Mo Viet Company, cover the operations of Cao Thang Company, pay employee salaries, and for personal expenses, leading to the inability to pay.