Vietnamese property tycoon who defrauded Rs 1 lakh crore: Also accused of bribery, 13 people including Lan may get death sentence today

Vietnamese property tycoon who defrauded Rs 1 lakh crore: Also accused of bribery, 13 people including Lan may get death sentence today

Vietnam’s property tycoon Truong My Lan may be sentenced to death today. He is accused of defrauding Saigon Commercial Bank (SCB) of Rs 1 lakh crore in 11 years. Lan is the chairwoman of property developer company ‘Van Thinh Fat’. He was arrested in 2022. Along with fraud, he has also been accused of violation of banking rules and bribery. Apart from Lan, 85 people have been charged. These include former central bankers, former government officials and some former SCB officials. Hearing in this case has been going on for 5 weeks. The decision will come today. The lawyers fighting the case against Lan have demanded strict action from the court as well as death penalty for Lan. According to BBC report, if the charges are proved, 13 people including Lan may get death sentence. Understand the whole matter in detail… From 2012 to 2022, property tycoon Truong My Lan used his power to wrongly take loans from Saigon Commercial Bank to benefit his company. Kept some of the money with himself and bribed audit officials to cover up the fraud. The bank suffered huge losses due to this. According to Vietnamese media ‘VN Express International’, from 2012 to 2022, Lan and his associates took 2,500 loans worth more than Rs 3.66 lakh crore, which was 93% of the total loans of Saigon Commercial Bank (SCB) during this period. Lan is also accused of causing a loss of Rs 2.25 lakh crore to the bank. ‘Given money to officials to get the work done’ According to the report of Vietnamese media ‘VN Express International’, Lan’s lawyers have argued that Lan has not committed any fraud, because he did not hold any official position in SCB. However, the judge seems to disagree with his defence. The judge says that LAN once owned 91.5% of SCB through different people. She was the top official of the bank. In a hearing, the judge said, “Lan was actually the owner of SCB. She had made the final decision on credit approval and the appointment of key officers. Lan had also paid her a lot of money to ensure that all these people worked as per Lan. ” All the evidence against Lan According to the report, documents collected during the investigation and witness statements clearly show that Lan indirectly owned shares in SCB, De Nhat and Tin Nghia. De Nhat and Tin Nghia were later merged into SCB. He then used the SCB to meet his personal expenses and the financial needs of his company. Gave bribe to auditors, kept Rs 1 lakh crore with himself. Between 2012 and 2017, LAN directed approval of 368 collateral loans for his benefit. Later the value of the property mortgaged for these loans fell. Due to this, when Lan was arrested in 2022, SCB suffered a loss of Rs 21 thousand crore due to decline in the value of this property. From 2018 to 2022, he directed approval of 916 loans. Also, he kept Rs 1 lakh crore with himself without any information. This caused a loss of Rs 43 thousand crores. To cover up these frauds taking place at SCB, Lan ordered other officials to bribe the auditors of the State Bank of Vietnam. After this, SCB CEO Vo Tan Hoang Van had given Rs 43 crore to the head of the banking inspection department of the central bank. Also read this news… Americans became victims of fraud of Rs 75 thousand crores: Federal Trade Commission-2023 report, lost the maximum of Rs 38 thousand crores in investment. Last year, Americans suffered a loss of Rs 75 thousand crores due to fraud. This is a new record. This data has been revealed in the report of the official website of the Federal Trade Commission (FTC), which is an independent government agency of America. Read the full news…

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