General Director of 'super project' embezzling nearly 160 billion sentenced to life in prison

Mekong Delta• March 22, 2022 16:12

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

On March 22, after nearly two weeks of trial and deliberation, Vo Thanh Long, 39 years old, was convicted by the People's Court of Hau Giang province of fraud and appropriation of property; forced to pay more than 131 billion VND to 816 victims.
According to the People's Court, Long was the mastermind, directed and, together with his employees, took advantage of the Phu Huu Eco-tourism project to mobilize capital through multi-level marketing, and appropriated money from the victims... so he must bear primary responsibility.
Long's nine accomplices were sentenced from 7 years and 6 months to 18 years in prison for the same crime; they must jointly pay more than 28 billion VND to the victim.

Bị cáo Võ Thanh Long (giữa), nghe tòa tuyên án. Ảnh: Cửu Long

Defendant Vo Thanh Long (center) listens to the court's verdict. Photo: Cuu Long

The verdict determined that in 2017, Long bought the Phu Huu Eco-tourism project in Chau Thanh district, with an area of more than 10 hectares for 26 billion VND, then advertised it as "mega project"12-hectare resort, worth 700 billion.

To have money to pay off debts from companies that were operating at a loss, Long and his employees organized many seminars, introduced and called on customers to invest in the form of multi-level marketing with high interest rates, and lured people to pay money. The defendants promised that investors who contributed 50 million VND would receive a profit of 2 million VND per month, and within a year they would receive 48%, and by the 13th month they would receive a return of 51 million VND; investment packages 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 in the southern provinces, mainly the elderly and farmers, trusted Long's group, giving them all their savings.

In addition, Long also received investments in the form of signing contracts to buy maintenance vouchers for civil assets of the Uoc Mo Viet International Joint Stock Company (which was losing money). To legalize these illegal forms of capital raising, Long directed his subordinates to persuade investors to switch to buying shares of Cao Thang Real Estate Joint Stock Company.
By the above tricks, Long and his accomplices appropriated nearly 160 billion VND from 816 people in 39 provinces and cities. Most of the money was used to pay off debts for Uoc Mo Viet International Joint Stock Company, for the operations of Cao Thang Real Estate Joint Stock Company, commissions, personal expenses...
During the trial, Long and his accomplices admitted their crimes./.