HCM CITY(VNS) — Four Agribank officials in HCM City have been arrested for allegedly committing serial fraud to help a customer swindle VND150 billion (US$7.2 million).
Nguyen Thi Hoang Oanh was head of the Ben Thanh branch, Truong The Thanh was her counterpart at Branch No.3, and Cao Bao Hieu and Nguyen Quoc Viet were the former's subordinates.
According to the Ministry of Public Security's Investigation Police, in 2009 Le Xuan Tinh, director of two companies, sought to borrow from the Viet Nam Bank for Agriculture and Rural Development – as Agribank is formally known.
The four officials, despite knowing that Tinh did not meet Agribank's lending conditions, approved his loan.
Tinh got two loans of 3,100 taels of gold (approximately US$7 million).
But in 2010, when the loans became due, he was unable to repay the bank.
To raise money for this, Tinh again colluded with the four, applying for a fresh loan based on fake business plans and "mortgaging" assets he had already mortgaged the first time.
He now owes Agribank VND150 billion (US$7.2 million) in all. — VNS