Over 5,300 investors were defrauded of 500 billion VND.
Authorities have just completed the indictment against the defendants in the fraud case involving the misappropriation of 500 billion VND from 5,368 investors.
In this case, Vu Duc Tinh (born in 1981, residing in Cat Lai Ward, Ho Chi Minh City) was identified as the mastermind, assigning tasks to the other defendants.
According to the allegations, in order to obtain money for personal use, from October 2021 to November 2022, Vu Duc Tinh directed the establishment of three legal entities: Bankland Company, Cawiho Company, and GBF Company. In reality, these three companies had no production or business activities; they only operated as multi-level marketing schemes, raising money from later investors to pay interest to earlier investors.
Although Vu Duc Tinh was not listed as a shareholder in the companies, the defendant claimed to be a senior advisor, directing and managing the operations of all three companies.
For Bankland Company, Vu Duc Tinh assigned Quan Van Duong to the position of Chairman of the Board of Directors and Nguyen Thi Nhu to the position of General Director. For Cawiho Company, Tinh assigned Ta Van Cuong to the position of Chairman of the Board of Directors, and Ninh Dai Duong to manage and update customer investment information and amounts on the company's website.
For GBF Company, Tinh assigned Vu Hong Quan as Chairman of the Board of Directors and Kieu Van Hoach as Director. Tinh also assigned Nguyen Thi Thanh Van as Chief Accountant for the three companies.
After the companies were established, Tinh instructed the Chairman of the Board and the directors of the three companies to organize conferences and seminars, providing false information about investment schemes to solicit capital contributions and the purchase of unlisted shares.
The defendants also propagated and promoted the sale of real estate projects that had not been granted investment licenses, including a real estate project in Hong Van commune, Thuong Tin district (formerly), Hanoi.
In order to manage the assets and cash flow misappropriated from investors, Tinh conspired with three other defendants to manage and register the assets formed from the investors' money deposited into Bankland Company, which Tinh would then manage and operate.
Making a fortune from investors.
The indictment states that, at Bankland Company, from December 2021 to September 2022, defendants Vu Duc Tinh, Nguyen Thi Nhu, Quan Van Duong, Nguyen Duc Minh, Nguyen Van Minh, and Nguyen Thi Thanh Van embezzled a total of over 479 billion VND from 5,291 victims through high-interest capital mobilization, selling unlisted shares, and selling fictitious projects.
The defendants have returned over 28 billion VND to investors, but still embezzle over 451 billion VND.
At Cawiho Company, from November 2021 to August 2022, defendants Vu Duc Tinh, Ta Van Cuong, Ninh Dai Duong, and Nguyen Thi Thanh Van embezzled over 88 billion VND from 59 victims through high-interest capital mobilization and the sale of unlisted shares. The defendants have returned a total of over 45 billion VND to the victims, while still embezzling over 42 billion VND.
Meanwhile, at GBF Company, from August to December 2022, Vu Duc Tinh, Vu Hong Quan, Kieu Van Hoach, and Nguyen Thi Thanh Van embezzled over 4.3 billion VND from 18 victims using a similar scheme. The defendants returned nearly 1 billion VND to the victims, but still embezzled over 3.3 billion VND.
The prosecution documents allege that Vu Duc Tinh directed the establishment and operation of the companies, while Nguyen Thi Thanh Van was the chief accountant of the three companies. These two defendants embezzled over 572 billion VND from 5,368 victims; they repaid over 75 billion VND to investors, leaving over 497 billion VND still outstanding.
Other defendants in the case also benefited from the scheme with varying amounts of money.
During questioning at the investigative agency, Vu Duc Tinh confessed that he used the money raised from investors to purchase real estate in various locations, including properties in Ha Long ward, Quang Ninh province, and in Phu Quoc special economic zone, An Giang province.
These properties are registered under the names of the defendants Nguyen Thi Thanh Van, Nguyen Duc Minh, and Nguyen Van Minh.
