Credit fund director and subordinates sentenced for embezzling nearly 24 billion VND.
Due to the need for capital for business, sending his daughter to study abroad, and buying a house overseas, Nguyen Thanh Cong – former Director of the Nghi Hoa Commune People's Credit Fund – instructed his subordinates to falsify documents and records, completing numerous loan applications to embezzle nearly 24 billion VND from the Credit Fund.
The People's Court of Nghe An province recently opened a trial session for the case.Embezzlement of assetsAt the People's Credit Fund (TDND) of Nghi Hoa commune, Nghi Loc district (Nghe An province), five defendants were brought to trial: Nguyen Thanh Cong - former Director of the Nghi Hoa Commune People's Credit Fund, Dang Van Thanh - Deputy Director, Tran Thi Ngoc Ha - Chief Accountant, Tran Thi Ha Phuong - Credit Appraisal Officer, and Nguyen Thi Phuong Thao - Treasurer.
According to the indictment, during his time working at the Nghi Hoa Commune People's Credit Fund from 1996 to October 2023, due to the need for capital for business, his daughter's overseas education, and buying a house in Australia, Nguyen Thanh Cong instructed subordinates to falsify documents and records, completing numerous loan applications.
Subsequently, Cong borrowed money from the Nghi Hoa Commune People's Credit Fund with the intention of misappropriating it for personal use. By September 3, 2019, Cong's outstanding debt from these fraudulent loan applications amounted to nearly 24 billion VND.
Because he was unable to repay the outstanding debt to the Credit Fund, from September 4, 2019 to October 10, 2020, Cong independently prepared loan applications, using the name of a member of the Credit Fund as the borrower.
Subsequently, Cong instructed Dang Van Thanh, Tran Thi Ngoc Ha, Tran Thi Ha Phuong, and Nguyen Thi Phuong Thao to complete the loan application documents for him. The purpose of this individual was to settle and legitimize the funds from the previously fabricated loan applications on the records and documents.
Despite knowing that the loan applications directed by the Credit Fund Director were fabricated, Thanh, Ha, Phuong, and Thao still carried out the act of creating 124 fraudulent loan applications for Cong to disburse nearly 24 billion VND based on the documents and records.
Subsequently, Cong sold his house and assets to repay over 9.1 billion VND before fleeing to Australia. The Nghe An Provincial Police issued an arrest warrant and coordinated with units under the Ministry of Public Security, the Ministry of Foreign Affairs, and the Vietnamese Embassy in Australia to extradite Nguyen Thanh Cong back to Vietnam for investigation, but so far without success.
Based on the indictment of the People's Procuracy of Nghe An province and an assessment of the documents and evidence in the case file, as well as the testimony of Cong and related individuals, the People's Court of Nghe An province decided to try Nguyen Thanh Cong in absentia.
At the trial, the defendants admitted to the crimes. Defendant Thanh testified that, as a subordinate, he acted on the instructions of defendant Cong.
The remaining defendants in the case also admitted to acting on the instructions of defendant Cong. They did not benefit from this incident.
The court ruled that the defendants' actions had caused negative public opinion and eroded public trust. In this case, defendant Cong was the mastermind and was therefore sentenced to life imprisonment.
The remaining defendants in the case were fully aware that their actions were wrong, but out of deference and obedience to orders from superiors, they still carried them out. The court sentenced Dang Van Thanh to 5 years in prison. Defendants Tran Thi Ngoc Ha and Tran Thi Ha Phuong received 3-year prison sentences. Defendant Nguyen Thi Phuong Thao was sentenced to 2 years and 6 months in prison, suspended.
