The billion-dollar-making scheme of the Chairman of Vinink Land Joint Stock Company.
The Chairman of the Board of Directors of Vinink Land Joint Stock Company has raised capital from numerous victims, totaling billions of VND.
On March 16th, the Hanoi City Police announced that the Criminal Investigation Agency had...initiate legal proceedings.The court has initiated criminal proceedings against Duong Van Ninh (43 years old, Chairman and CEO of Vinink Land Joint Stock Company and Hoang Ninh Group Joint Stock Company) for the crime of "Fraudulent appropriation of property".
According to initial information, from 2011 to the present, Ninh has repeatedly registered changes to the company's establishment, artificially inflating the company's charter capital from 1.6 billion VND to 699 billion VND.
Specifically, on June 20, 2018, Ninh registered the establishment of Vinink Land Joint Stock Company, with a charter capital of 180 billion VND. Similar to the establishment of Hoang Ninh Company, Ninh only completed the registration procedures on paper; in reality, he did not contribute any capital to Vinink Land.
According to the advertisement, Hoang Ninh Company will invest in purchasing 30 vehicles to operate passenger transport services from Bac Giang, Bac Ninh, and Hanoi to Moc Chau - Son La and vice versa.
Trusting Ninh, in October 2018, Ms. Pham (67 years old, residing in Hanoi) contributed over 170 million VND to Hoang Ninh Company. In November 2018, Ms. Le (64 years old, residing in Hoang Mai district) contributed nearly 1.6 billion VND to Hoang Ninh Company.
In March 2019, after the investment period expired, Ms. Le met with Ninh and demanded the return of her money. Ninh promised and committed to returning the land of the project. Subsequently, Ninh misappropriated all of Ms. Le's money for personal use.
At the police station, Ninh confessed to all his crimes, admitting that Vinink Land company did not carry out the real estate project and ecosystem. Ninh stated that everything was only an idea at the time.
The police determined that, using the above methods, Duong Van Ninh had raised capital from many victims totaling billions of VND. The victims who contributed the most capital to Hoang Ninh Company amounted to approximately over 9.6 billion VND.
