What did Ms. Chau Thi Thu Nga use the hundreds of billions of dong obtained through fraud for?

Ms. Chau Thi Thu Nga admitted to spending approximately 47.5 billion VND to "lobby" for the project... However, those she claimed to have given money to denied receiving it.

According to the indictment by the Supreme People's Procuratorate, in establishing Housing Group, Ms. Chau Thi Thu Nga (born in 1965, residing in Hanoi, former member of the 13th National Assembly) was the Chairwoman of the Board of Directors and General Director. In reality, this company was 100% owned by Ms. Nga. Other individuals were merely used by her to hold shares in order to operate as a joint-stock company; all company operations were decided by Ms. Nga.

Despite knowing that the B5 Cau Dien project had not been approved or licensed for construction by the competent authorities, and was not permitted to raise capital, Ms. Nga was willing to spend over 14 billion VND on advertising and organizing events for this project.

Ms. Chau Thi Thu Nga

To gain the trust of potential apartment buyers at the B5 Cau Dien project, Ms. Nga instructed the posting of false information on the company's website.

To convince potential investors to visit the project site and see that Housing Group had begun construction, Ms. Nga authorized Licogi 12 Joint Stock Company to conduct trial construction and organize the drilling of 59 foundation piles according to the revised B5 Cau Dien project design, which had not yet been approved.

At the same time, Ms. Nga hired someone to create models of six apartment buildings based on an unapproved revised planning scheme, including two buildings of approximately 33 stories and four buildings of 29 stories, placing them right in the middle of the ground floor lobby of the Housing Group headquarters.

Ms. Nga also instructed the real estate trading floor under her company to draft contracts with different names depending on the time period, such as deposit contract, capital contribution contract, loan agreement, and capital contribution agreement.

The main content of the contracts shows that Housing Group, as the investor of the B5 Cau Dien project, raised capital from individual investors who wanted to buy apartments.

The company collects an initial payment from individual investors equal to 30% of the transfer value of the chosen apartment...

During the contract signing and payment process, if the customer requests to see documents, files, or planning drawings, the director or staff of the real estate agency will show the customer the project files and project model located at the company's headquarters.

The money obtained through fraud was used for film collaboration.

With all the sophisticated schemes mentioned above, from January 9, 2009 to July 30, 2013, Ms. Nga and her authorized deputy directors signed 752 contracts to raise capital from 726 customers, collecting over 377 billion VND and committing to transferring the right to use 752 apartments from the 2nd to the 33rd floor of the buildings in the B5 Cau Dien project.

Of the money collected, Ms. Nga paid out over 28 billion VND to 43 customers who withdrew their capital; the remaining over 348 billion VND was used by Ms. Nga for various other purposes.

Among those investments, Ms. Nga spent 8.2 billion VND to collaborate with the Vietnam Film Studio to produce the film "Proud Heart"; 430 million VND to collaborate with the Vietnam Film Association to make the film "Illusion"; and 260 million VND for Thoi Dai Film Company Limited to produce the comedy clip "Cleverness Cannot Outsmart Fate".

In addition, Ms. Nga also spent money on several items at the B5 Cau Dien project and paid brokerage commissions; she spent over 3.2 billion VND on charitable activities and other projects...

Notably, Ms. Nga claimed to have spent approximately 47.5 billion VND to "lobby" for the project and to be nominated as a member of the 13th National Assembly. However, those whom Ms. Nga claimed to have given money to in order to accomplish the aforementioned tasks all denied receiving the money.

To date, all customers have requested a refund of the money they paid to Housing Group, but the company and Ms. Nga are unable to pay.

According to Vietnamnet.vn