General Director of 'mega-project' sentenced to life imprisonment for embezzling nearly 160 billion VND.

Cuu Long• March 22, 2022 16:12

Vo Thanh Long, General Director of Phu Huu Eco-tourism Area, was sentenced to life imprisonment for embezzling nearly 160 billion VND from more than 800 people.

On March 22, after nearly two weeks of trial and deliberation, Vo Thanh Long, 39, was found guilty of fraud and appropriation of property by the Hau Giang Provincial People's Court; he was ordered to repay more than 131 billion VND to 816 victims.
According to the panel of judges, Long played the role of mastermind, directing and collaborating with his employees to exploit the Phu Huu Eco-tourism Area project, raising capital through a multi-level marketing scheme, and embezzling money from victims... therefore, he must bear primary responsibility.
Nine of Long's accomplices were sentenced to prison terms ranging from 7 years and 6 months to 18 years for the same crime; they were also ordered to jointly repay over 28 billion VND to the victims.
Bị cáo Võ Thanh Long (giữa), nghe tòa tuyên án. Ảnh: Cửu Long
Defendant Vo Thanh Long (center) listens as the court pronounces the sentence. Photo: Cuu Long

The verdict stated that in 2017, Long acquired the Phu Huu Eco-tourism Area project in Chau Thanh district, covering an area of ​​over 10 hectares, for 26 billion VND, and then advertised it as "mega-project"A resort spanning 12 hectares, valued at 700 billion VND."

To pay off debts incurred from the companies' losses, Long and his employees organized numerous seminars, presentations, and solicited investments in a multi-level marketing scheme promising high interest rates, luring people into depositing money. The defendants promised that investors contributing 50 million VND would receive a profit of 2 million VND per month, totaling 48% within a year, and would receive their capital back of 51 million VND in the 13th month; investment packages ranging from 200 to 500 million VND would receive similar interest rates.
Các bị cáo tại phiên tòa ngày 22/3. Ảnh: Cửu Long
The defendants at the trial on March 22. Photo: Cuu Long

Hundreds of people from southern provinces and cities, mostly elderly people and farmers, trusted Long's group and handed over all their savings to them.

Furthermore, Long also received investment in the form of contracts to purchase maintenance vouchers for residential properties from Viet Dream International Joint Stock Company (which was operating at a loss). To legitimize these illegal fundraising methods, Long instructed his subordinates to persuade investors to switch to purchasing shares of Cao Thang Real Estate Joint Stock Company.
Through these schemes, Long and his accomplices embezzled nearly 160 billion VND from 816 people in 39 provinces and cities. Most of the stolen money was used to pay off debts to Uoc Mo Viet International Joint Stock Company, fund the operations of Cao Thang Real Estate Joint Stock Company, pay commissions, and for personal expenses.
During the trial, Long and his accomplices admitted to their crimes.

Cuu Long