Detained CEO for swindling capital mobilization of nearly 60 billion
Police determined that defendant Nguyen Van Hoanh's account had received nearly 60 billion VND from investors. The defendant used the money to invest in foreign exchange (forex) and for other personal purposes.
On the afternoon of December 6, Hanoi City Police said that they hadprosecute, temporarily detained Nguyen Van Hoanh (born 1975, in Sai Son commune, Quoc Oai district, Hanoi) to investigate the crime of fraud and property appropriation.
Police confirmed that Nguyen Van Hoanh, as General Director of HP102 Vietnam Joint Stock Company, had purchased advertising equipment for customers so that customers could invest in renting it to HP102 Vietnam Joint Stock Company for business activities.
Nguyen Van Hoanh used mass media, organized seminars to promote the image, called on over 8,000 customers to sign investment contracts for the company's business operations, equivalent to more than 40,000 advertising devices. However, in reality, Hoanh only bought about 800 TVs and installed software to run advertisements.
The financial report shows that HP102 Vietnam Joint Stock Company operated at a loss in 2018, 2019 and 2020. However, Hoang still created trust with customers by paying for advertising equipment rental according to the agreement, using money from the latter to pay the former so that customers would continue to invest more.
The police determined that the amount of money that customers had deposited into Hoanh’s personal account was nearly 60 billion VND. The suspect did not use the money as promised but invested it in foreign exchange (forex) and used it for other personal purposes.
Last October, Nguyen Van Hoanh was wanted by Nam Tu Liem District Police for fleeing his residence.
After being arrested, Hoanh confessed that because he saw that his advertising business was not effective, he used part of the money that his customers deposited into his personal account to invest. When he lost money, he planned to commit fraud.
