Female director defrauds tens of billions of VND to invest in Bitcoin.
The Da Nang City People's Court opened a trial to hear the case against Pham Thi Thuy (born in 1989, residing in Hoa Cuong Bac ward, Hai Chau district) for the crime of "Fraudulent appropriation of property".
According to the indictment, Thuy is the Director of Thanh Thuy Event Advertising Co., Ltd. The registered business activity is organizing and promoting trade.
In 2017, Thuy participated in investment trading.Bitcoin cryptocurrencyTo secure investment funds, this person provided information about the company's participation in several large-scale, high-profit, short-term business projects to gain the trust of others and encourage them to contribute capital.
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| Pham Thi Thuy in court |
Initially, Thuy paid high principal and interest rates to build trust with customers.
In April 2018, Thuy's investments in finance and real estate resulted in losses, making it impossible to recover her capital and rendering her unable to repay her debts when due.
To secure funding, Thuy continued to solicit investment for business ventures involving brand promotion events and golf courses for foreign partners, promising profit margins of 15-50%.
Seeing the high profits, many people invested in the business. From around April 2018 to March 2020, Thuy committed fraud, appropriating assets from 6 victims totaling over 24.4 billion VND. To date, the defendant has returned over 8 billion VND, with the remaining amount yet to be repaid to the victims.
In court, Thuy admitted to all of her crimes.
The court sentenced Thuy to 20 years in prison for "fraudulent appropriation of property," and ordered her to return the remaining money to the victims.
