Former credit fund employee swindled loans and appropriated 49 billion VND to trade in real estate

The investigation agency read the arrest warrant to temporarily detain Chau. Photo: D.P

According to the investigation records, Luong Thi Hong Chau previously worked at the People's Credit Fund of Tan Xuan commune, Ham Tan district, so she has experience in preparing loan applications and paying off loans.

After quitting the above Fund, with his connections, Chau contacted many people who needed to do bank maturity procedures. During the period from early January 2018 to April 2019, Chau borrowed money from 19 people to do bank maturity to enjoy the difference and do real estate business.

The investigation agency determined that during the above period, Chau borrowed from 16/19 people with an amount of more than 144 billion VND, of which Chau paid the principal and interest of more than 113 billion VND.

During the above borrowing process, although he knew he could no longer pay due to business losses and debt, from March to April 2019, Chau continued to borrow more than 34 billion VND to use for many other purposes such as paying principal and interest to the previous lender, and for personal use.

Of the total amount of 34 billion VND borrowed later, Chau has paid back more than 15 billion VND, including both principal and interest. Of the remaining 19 billion VND, Chau could not explain the purpose of use and where the money is.

Up to now, the Investigation Police Agency of Binh Thuan Province has initially determined that the total amount of money that Chau has embezzled is more than 49 billion VND. The case is still under investigation and clarification.