Friday , March 1 2024

Real estate group steals $343 mln from investors


A real estate group has cheated investors of more than VND8 trillion ($343.8 million) in a bond issuance fraud case, police said Thursday.

Nguyen Van Thanh with the anti-corruption police department said real estate developer Tan Hoang Minh has transferred around VND2.1 trillion to the department at the State Treasury, but investors don’t know when exactly they can receive the money.

The police are investigating the fraud to see how many investors were harmed and to calculate the exact amount of money stolen.

In April, Do Anh Dung, chairman of property developer Tan Hoang Minh, along with his son Do Hoang Viet, deputy CEO of Tan Hoang Minh Group, and four others were arrested to be investigated for “fraudulent appropriation of assets.”

From July 2021 to March 2022, Dung and other individuals at Tan Hoang Minh Group had issued private bonds to raise more than VND10.3 trillion ($442.7 million) from investors, but the group “would not use the money for business activities in accordance with documents related to the bond issuance,” authorities said.

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