Female director arrested for defrauding over 11 billion VND.

An Phuong Thao solicited Ms. PA to pay a total of nearly 19.9 billion VND to purchase thousands of square meters of land in an undeveloped project.

On November 6th, the Criminal Investigation Department for Economic and Official Crimes (PC46) of the Hanoi City Police announced the arrest of An Phuong Thao (born in 1973, residing in Tay Ho District), Director of D&P Vietnam Investment and Trading Company Limited. Thao was a wanted fugitive for the crime of abusing trust to misappropriate assets.

An arrest warrant has been issued for An Phuong Thao.

According to the investigating agency, D&P Vietnam Investment and Trading Company Limited, headquartered in Quan Hoa Ward, Cau Giay District, Hanoi, was granted a business license in 2009 with business activities including real estate, investment consulting, and management consulting. Around the end of 2009, An Phuong Thao invited Ms. LPA (residing in Hoan Kiem District) to invest in two projects: Contresxim Cau Dien (Phu Dien, Tu Liem, Hanoi) and a condominium project on Pham Tuan Tai Street (Dich Vong Hau Ward, Cau Giay District).

During the process of persuading her partners, Thao stated that D&P Company was collaborating as the main investor with Thang Long Real Estate Company (Mo Lao Ward, Ha Dong District). If Ms. PA participated in contributing capital to these two projects, she would have the right to purchase land in the projects at a preferential price. By January 5, 2010, An Phuong Thao had signed a confirmation document stating that Ms. PA had paid a total of nearly 19.9 billion VND to purchase 1,750m2 of land in the Contresxim Cau Dien project and 1,750m2 of land in the apartment project on Pham Tuan Tai Street.

However, by 2013, the two projects had still not been implemented. Ms. PA demanded a refund, and Thao only returned 8.4 billion VND by selling a house in a project that Thao had previously co-invested with Ms. PA. After repeatedly demanding the money back without success, Ms. PA filed a complaint with the investigative agency accusing Thao of misappropriating funds.

During the investigation, the Investigating Agency determined that the land plot belonging to Contresxim-TM Company has not yet been licensed for investment by the competent authorities. Similarly, the apartment building project on Pham Tuan Tai Street is not feasible, and the People's Committee of Cau Giay District has already built a public flower garden on this land.

Working with the police, a representative of Thang Long Real Estate Joint Stock Company affirmed that, because the project did not yet meet the conditions for business operation, neither the representative nor the company had any agreement or commitment to sell apartments at the Contresxim Cau Dien project and Pham Tuan Tai apartment building to Ms. An Phuong Thao.

Based on the investigation documents, the Hanoi City Police Investigation Agency has issued a decision to initiate a criminal case, indict the suspect, issue a search warrant for the residence, and issue an arrest warrant for An Phuong Thao on the charge of abusing trust to misappropriate property. The case is currently under expanded investigation.

According to VNA