Vietnam Sentences Real Estate Tycoon Truong My Lan to Death in its Largest Ever Fraud Case
The 67-year-old chair of the real estate firm Van Thinh Phat was charged with fraud of USD 12.5 billion, or almost 3% of the GDP of the nation in 2022. Between 2012 and 2022, she unlawfully controlled the Saigon Joint Stock Commercial Bank, using it to embezzle these sums through thousands of fictitious businesses and bribing public officials.
In the biggest financial fraud case in Vietnam’s history, real estate mogul Truong My Lan was found guilty on Thursday and given the death penalty by a Ho Chi Minh City court, according to state media Thanh Nien.
The 67-year-old chair of the real estate firm Van Thinh Phat was charged with fraud of USD 12.5 billion, or almost 3% of the GDP of the nation in 2022.
Between 2012 and 2022, she unlawfully controlled the Saigon Joint Stock Commercial Bank, using it to embezzle these sums through thousands of fictitious businesses and bribing public officials.
Among the most well-known arrests in Vietnam’s ongoing campaign against corruption, which has been stronger since 2022, was Lan’s in October 2022.
