Fraudster in trouble with the law

(Baonghean.vn) -While being successful businesswomen, owning houses, cars and impressive companies, many female entrepreneurs have fallen into the black credit and gone bankrupt, having to go to jail for property appropriation.

Almost everyone in Le Loi ward, Vinh city knows Hoang Thi Long (born in 1956) for her intelligence, agility, resourcefulness, determination and daring to think and act. Starting her business in 1999 from a construction materials kiosk, thanks to her skillful relationship building and respect for customers' reputation, Ms. Long's construction materials store developed rapidly, her family also prospered, became rich and became the dream of many people.

When the business was booming, Mrs. Long’s family was in trouble. Her son in Hanoi lost money in his business and called his parents for help. With no other choice, Mrs. Long had to sell all her assets in Vinh city and borrow money to send to her son to save the situation.

Since 2008, although she had not yet paid off her son's debt, Mrs. Long's business situation has encountered many difficulties. However, Mrs. Long still tried to create for herself the appearance of someone who was doing well and borrowed money from many people at an interest rate of 3-6%/month with the reason of saving money to do business in construction materials. Believing Mrs. Long's words, many people who were friends and relatives generously lent her money without thinking much. Some people saved up 50 million and lent it to Mrs. Long to get interest, but when they discovered that they were seriously ill, they came to collect the money but only received repeated delays. A nephew, because he trusted Mrs. Long, mortgaged his house and borrowed 2.5 billion VND to lend to her; many others, because they knew her and thought that Mrs. Long was doing well in business, lent her from several hundred to several billion VND.

With those tricks, from 2009 to 2011, Hoang Thi Long committed 9 cases of fraud and property appropriation with the amount of 6 billion 825 million VND. When the victims learned that Ms. Long was bankrupt and could not pay the money, they were shocked and wrote a report to the police.

In mid-May, Nghe An Provincial Court brought the case of fraud and property appropriation against defendant Hoang Thi Long to trial. Those present in court, apart from a representative of a bank in the city, were all friends, relatives and victims of Long. In the dock, Hoang Thi Long bowed her head, asked the court to reduce her sentence and promised to try to return the money to the victims. The victims also stood up one by one to ask for a reduced sentence for Long and hoped to get back the money that had been appropriated. At the end of the trial, Hoang Thi Long was sentenced to 10 years in prison.

A few years ago, the people of Dien Chau and Quynh Luu coastal areas expressed their admiration for the business talent of Nguyen Thi Huyen (36 years old) in Dien Bich commune. Starting her career in the petroleum business for ship owners, Huyen quickly became rich and became a tycoon in the coastal city, owning a high-rise building and expensive cars. After creating a safe cover as a successful businesswoman, Huyen began participating in illegal credit. Knowing that many households in Dien Chau and Quynh Luu areas had cash after each trip to the sea, Huyen came to them to ask for loans to do business and pay high interest rates of 1,000-5,000 VND/1 million/day).

To build trust, Huyen paid interest on time and fairly, even rewarding those who lent money a lot. Hearing this, many households withdrew their savings from the bank to lend Huyen and collect interest. From May 2007 to July 2008, Huyen borrowed 3.4 billion VND and 10,000 USD from 29 debtors in Dien Bich commune. The person who lent the most was 800 million VND, the person who lent the least was 10 million VND. Huyen also brought the red books of some debtors to the bank to borrow nearly 2.8 billion VND.

When she realized she could not pay her debts, Huyen declared herself bankrupt and fled, leaving dozens of victims in dire straits. In mid-2011, Huyen was arrested by the police while on the run. In March 2012, this "rich woman" was sentenced to 12 years in prison and ordered to return the money to the victims who had been defrauded.



After 3 years on the run, Nguyen Thi Huyen was arrested by the police.

In the past few years, when the real estate bubble in Nghe An burst, the economic situation faced many difficulties, banks tightened credit, many tycoons went bankrupt, had to sell off their assets, some had to be put in temporary detention to avoid being hunted down by debtors. Among those tycoons who went bankrupt, there were many women. We can mention female tycoons such as Tran Thi Mai (born in 1976), owner of a gas shop on Doc Thiet street, female police officer Tran Thi Ngoc Ha, real estate couple Nguyen Thi Thanh Thuy (born in 1970) and Ho Thi Nang (born in 1972), ...



Tran Thi Ngoc Ha, bankrupt after a period of real estate business.

This is truly a wake-up call for those who intend to do business and earn money illegally, and also a lesson for gullible people who are greedy for high interest rates to avoid being drawn into black credit lines and fraud.

Nguyen Khoa