Taking advantage of the bank employee's identity, defrauding and appropriating nearly 20 billion VND
When he was unable to pay off many previous real estate investment debts, a former bank employee lied to many people to continue raising capital to borrow from later people to pay off earlier people, which led to criminal proceedings.
A source from the Investigation Police Agency of Binh Dinh Province confirmed on March 15 that the agency had issued a decision to prosecute and execute an arrest warrant for Nguyen Huu Khai (36 years old), residing in Hoa Trung 1 village, Hoai Xuan commune, Hoai Nhon district (Binh Dinh) for fraud and property appropriation.
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| Nguyen Huu Khai after being prosecuted and temporarily detained. |
According to initial investigation documents, Nguyen Huu Khai used to be a credit officer at Bong Son Transaction Office of Asia Commercial Bank.
Since 2017, Khai has mobilized loans from many relatives with monthly interest rates from 6 to 9% to invest in real estate in the form of buying garden land, agricultural land and then completing procedures to change the purpose of use to residential land for sale.
Due to the long time it takes to complete procedures to change land use purposes, there are not many land buyers, while interest rates are gradually increasing, causing Khai to fall into a situation of mounting debt. To have money to pay off due debts, Khai uses bank maturity services and then continues to mobilize capital from later people to pay earlier people and spend it on personal expenses, leading to inability to pay.
According to the accusations of 14 people, from January 2017 to October 2018, Nguyen Huu Khai borrowed money and "debt" more than 19.5 billion VND. When the creditors were persistently pursuing him, Khai fled the area for a while, and only appeared at the Investigation Police Agency of Binh Dinh Province on February 14.
