Vietnamese billionaire sentenced to death in $12 billion fraud case

Truong My Lan, the owner of a real estate giant, was sentenced to death for diverting EUR 25 billion, which represents 6% of Vietnam’s GDP in 2023.

Vietnam real estate tycoon sentenced to death over massive fraud amounting to 3% of GDP | WND | by Around the Web

(ZEROHEDGE) – Vietnamese real estate tycoon Truong My Lan was sentenced to death by a court in Ho Chi Minh City in the country’s largest financial fraud case ever, state media Vietnam Net said. The 67-year-old chair of the real estate company Van Thinh Phat was formally charged with fraud amounting to $12.5 billion, or…

Vietnam sentences billionaire to death for white collar fraud

As global billionaires see their wealth soar to record heights, one Vietnamese real estate tycoon was sentenced to death on Thursday in the Southeast Asian nation's largest-ever financial fraud case, part of a government crackdown on corruption.Tru'o'ng Mỹ Lan, founder of the real estate developer Vạn Thịnh Phát Group, was arrested in October 2022 for illegally controlling and embezzling money from Saigon Commercial Bank (SCB) for a decade after…

Vietnamese real estate tycoon Truong My Lan sentenced to death for the largest fraud case in Vietnam's history. State media report. The 67-year-old Lan admitted to embezzlement, bribery, and fraud worth 304 trillion dong, nearly 12 billion euros. That is about 3% of Vietnam's national income. Lan allegedly siphoned off billions from the Saigon Commercial Bank. She used the bank to lend money to thousands of fake companies in Vietnam and abroad. …

The entrepreneur Truong My Lan was sentenced to death by a Ho Chi Minh City court in Vietnam's largest ever financial fraud case.

Since 2016, Vietnam’s communist government has been targeted against corruption. Now, a real estate magnate is being punished unusually harshly. The charge: embezzlement of billions and bribery of officials.