Friday , July 12 2024

Man faces trial for stealing $7 mln with real estate Ponzi scheme

A man who allegedly defrauded 817 people in southern Vietnam with a real estate scheme to swindle VND160 billion ($7 million) is set to go on trial.

Vo Thanh Long of Chau Thanh District, Hau Giang Province, and nine accomplices face charges of defrauding and misappropriating assets, the province procuracy – the prosecutor’s office — announced.

Long, CEO of Cao Thang Real Estate Company, bought a 10-hectare plot of land in Chau Thanh in early 2017 for VND26 billion and advertised it as a 12-hectare resort.

He and his employees organized many forums to attract people who would invest in it, promising profits of VND2 million a month on an investment of VND50 million and multiples thereof.

Long also promised to return the principal in the 13th month.

Long also offered to share 20 percent of the company’s revenues with investors.

In August 2017, in order not to attract authorities’ attention, he forced investors to turn their investment into equity in his company.

Long was arrested by the police in November 2019 for defrauding and misappropriating assets.

In March last year, the police completed their investigation and informed the procuracy they were ready to prosecute.

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