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VietNamNews

Property scammer gets jail

Update: June, 19/2012 - 14:18

Ha Noi – Ha Noi People's Court on Monday handed down a life imprisonment to Ta Tat Toan, 37, from Thanh Xuan District, for fraud involving a property scam.

Other defendants Nguyen Hoang Hai, 32, Tran Xuan Phu,32, and Le Quoc Dat, 32, were sentenced to 23,18 and 17 years in jail respectively for their involvement.

In the indictment in 2008, it was alleged Ta Tat Toan together with Nguyen Hoang Hai and Nguyen Thi Hue established the Dai Viet Joint Stock Development Company with a prescribed capital of VND50 billion (about US$ 2.5 million). Toan was chairman of the managing board of the joint-stock company.

Knowing that many people at that time wanted to buy land allotments from Nam Cuong property project at Duong Noi village, Ha Dong precinct, Ha Noi, Toan discussed with Phu, the then director of Hong Van company, and Hai about making fake land documents to sell to people.

By the end of 2010, Toan and Phu copied much information about the Nam Cuong property project and made a list of land allotments for sale. They used forged stamps to make the documents look real.

Toan asked Hai and Phu to offer land for sale at VND32 million per square meter. it is alleged the group netted more than VND10 billion (US$500,000) from their fraud. – VNS.

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