Female chairperson 'creates' fictitious projects, defrauds over 1,600 people, and embezzles 400 billion VND.

The Long Bien District Police (Hanoi) have just initiated legal proceedings and temporarily detained Le Thi Hien (born in 1984, residing in Binh Giang, Hai Duong) for the crime of fraud and appropriation of property. Hien is the Chairwoman of the Board of Directors of the Vietnam Cooperative Union and the Global Market Group Joint Stock Company.

Sophisticated trick

According to investigators, the two companies actually had only over 20 employees, including administrative staff. However, Hien built a network of brokers at representative offices in many provinces and cities, luring more than 1,600 investors nationwide and embezzling nearly 400 billion VND.

To carry out the fraud, Hien used the legal entities of two companies with "fictitious" registered capital totaling 200 billion VND. A representative from the Economic Police Team of Long Bien District Police confirmed that these two companies actually had no registered capital.

Since 2021, the police have been aware of suspicious activities in Hien's investment operations and have conducted surveillance and investigation. Due to the large number of victims and the sophisticated methods of the perpetrators, the police have mobilized maximum resources to verify, collect documents, and consolidate evidence.

Deceiving investors with "illusory" projects.

Hien directed the creation of 3D graphic designs, overall perspectives of the projects, numbering of stalls and kiosks, and setting timelines for commencement, construction, and completion... In reality, none of the projects were implemented; some even lacked investment approval.

After creating the projects, Hien's two companies sent official letters to government agencies requesting permits. However, many projects had not yet received investment approval. Hien used these letters to deceive investors about their legality.

Hien also organized many events, seminars, and grand project groundbreaking ceremonies, giving valuable gifts such as gold and precious items to investors.

From October 2021 to June 2022, Hien raised nearly 400 billion VND from more than 1,600 investors by offering a high-return investment policy.

To carry out the crime, Hien established a network of representative offices and brokerage staff. Brokers were paid a commission of 25% on the total amount of capital contributed by investors, sometimes receiving an additional 1% to 5%.

Currently, more than 200 people have filed complaints, and the investigating agency has interviewed over 100 individuals who invested capital in Hien's business, totaling more than 93 billion VND.

By the time of their arrest, most of Hien and her accomplices' "illusory" projects had not been implemented. The entire amount of nearly 400 billion VND had been embezzled by Hien's network and had not been repaid to the victims.