Police seek victims of Vạn Thịnh Phát Group in bond fraud case worth $1.24b
Police seek victims of Vạn Thịnh Phát Group in bond fraud case worth $1.24b
Police are seeking individuals who were victims of a bond fraud case involving property developer Vạn Thịnh Phát, which involves the illegal issuance and trading of bonds worth over VNĐ30 trillion (US$1.24 billion).
Headquarters of Saigon Commercial Bank (SCB) in HCM City’s District 1. Many bond buyers purchased their bonds at SCB, in which Trương Mỹ Lan was believed to hold a significant amount of shares. — VNS Photo Bồ Xuân Hiệp |
The Ministry of Public Security’s Investigation Police Department for Corruption, Smuggling and Economic Crimes (C03) on Saturday issued a notice to locate the victims in the case.
The Police have identified Trương Mỹ Lan, chairwoman of Vạn Thịnh Phát, and her accomplices as being involved in the fraudulent activities, deceiving numerous individuals between 2018 and 2020 and misappropriating trillions of Vietnamese đồng.
They created 25 bond packages with a total value of VNĐ30.081 trillion and sold them to buyers, misappropriating funds, according to the Police.
The bond codes associated with this case are ADC-2018.09, ADC-2018.09.1, ADC-2019.01, QT-2018.12.1, SNWCH1823001, and SET.H2025.01 to SET.H2025.20.
The Police have determined that the buyers of these bond packages are victims in the case.
Various individuals and organisations participated in the fraudulent activities, including Vạn Thịnh Phát Group, An Đông Investment Group Joint Stock Company, Quang Thuận Investment Joint Stock Company, HCM City Commercial Services Joint Stock Company, Sunny World Investment and Development Joint Stock Company, and others.
The Police are requesting the assistance of law enforcement agencies in the provinces and cities where the victims reside to gather information and record testimonies according to regulations.
They are also urging anyone who holds bonds from the 25 bond packages mentioned to come forward promptly and provide information, documents, and related contracts to protect their rights and interests in the case.
“Failure to do so may result in the bondholders’ rights and interests being disregarded,” warned the Police.
Last October, Trương Mỹ Lan and other individuals were arrested for alleged fraud related to the issuance and trading of bonds worth trillions of Vietnamese đồng.
Lan was believed to hold a significant shareholding at Saigon Commercial Bank (SCB), where most of the buyers of the bond packages purchased the bonds.
Following Lan’s arrest, numerous depositors rushed to the bank to withdraw their money, leading to SCB being placed under “special control” by the State Bank of Việt Nam.
Trương Mỹ Lan, 66, is known as a prominent Chinese-Vietnamese billionaire in Việt Nam's business community.
Her company, Vạn Thịnh Phát Co., Ltd., operates in commerce, hospitality, and real estate and owns major projects and buildings in prime locations in Hồ Chí Minh City.
Other individuals who were also arrested included Trương Huệ Vân, CEO of Windsor Property Management, Nguyễn Phương Hồng, an assistant at Vạn Thịnh Phát, and Hồ Bửu Phương, former chairwoman of Tân Việt Securities and Vạn Thịnh Phát former deputy financial director.
