Female director sentenced for embezzling over 150 billion VND.
Posing as a business director, Trang provided false information about advertising collaborations with various brands in the pharmaceutical and home electronics sectors, thereby defrauding 35 investors of over 151 billion VND.
On March 30, the Hanoi City People's Court held a first-instance criminal trial against defendant Vu Thi Huyen Trang (born in 1990, residing in Tay Ho Ward, Hanoi) and sentenced her to life imprisonment for the crime of "Fraudulent appropriation of property".
According to the initial verdict, Trang previously worked as a marketing director at a company. In 2020, Trang resigned and established Bizkols Entertainment Co., Ltd., registered to operate in the advertising field. Trang established the company with the intention of gaining the victims' trust and encouraging them to invest capital.
After establishing the company, Trang provided false information about her company's advertising partnerships with various brands in the pharmaceutical, home electronics, and wine sectors, and then raised money from investors.
The defendant promised high returns, ranging from 3% to 15% per month, to investors. Trusting her, many people transferred money to Trang.
After receiving money from investors, Trang only used a small portion for advertising contracts, while the majority was used for various other purposes such as using money from later investors to pay earlier investors, investing in real estate, and personal expenses.
When investors requested to withdraw their principal and profits, Trang used various excuses to delay or continued to provide false information about other projects to entice victims to transfer more money. When she became unable to repay the investors, the defendant changed her phone number, moved to a different address, and tried to evade them.
From October 2018 to January 1, 2022, Trang embezzled over 151 billion VND from 35 investors. Before the trial, Trang repaid over 81 billion VND, leaving her with over 70 billion VND in outstanding debt.
In addition to the life imprisonment sentence, the court ordered the defendant Trang to repay the remaining amount of money she had embezzled to the victims.