Politics & Law
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| Đỗ Anh Dũng, chairman of the Board of Directors and general director of Tân Hoàng Minh Group. — Photo courtesy of the Ministry of Public Security |
HÀ NỘI — The Ministry of Public Security's Investigation Police Department for Corruption, Smuggling and Economic Crimes (C03) has retrieved more than VNĐ8.6 trillion (US$353.84 million) stolen by Tân Hoàng Minh Group from more than 6,000 investors, Major General Nguyễn Văn Thanh, the department’s deputy head, told the press.
At the press conference of the Ministry of Public Security on Monday, he said the department had just completed the investigation into fraud and property appropriation reported at Tân Hoàng Minh Group and related units and organisations.
The police determined that Tân Hoàng Minh Group had defrauded and appropriated more than VNĐ8.6 trillion from 6,000 investors.
The stolen money that has been retrieved will be used as evidence in the case, must be sealed, and brought to trial, he said.
When the court declares that Tân Hoàng Minh committed fraudulent acts, the evidence and assets will be returned to the victims in accordance with the law, Thanh said.
“I believe and am sure that the victims will receive all the money back, but it must follow the order and legal procedures," said Thanh.
As the number of victims is vast, and the investigation requires a probe into every victim, Major General Thanh asked the victims to closely monitor the prosecution and trial process to ensure their rights. If necessary, they can present additional documents to be able to receive back all assets appropriated by the group.
On September 29, C03 completed the investigation and recommended prosecution for Đỗ Anh Dũng, chairman of the Board of Directors and general director of Tân Hoàng Minh Group, and 14 other defendants for "obtaining property by fraud".
According to the investigation's conclusion, due to the general impact of the COVID-19 pandemic, the "frozen" real estate market, and tightened bank credit, in the period from 2021 to early 2022, Tân Hoàng Minh Group encountered many financial difficulties and amassed huge credit debts.
From July 2021 to March 2022, Dũng, 61, and many individuals in the group committed fraud by using three subsidiary companies – Ngôi Sao Việt Real Estate Investment LLC., Soleil Hotel Investment and Hotel Services JSC, and Cung Điện Mùa Đông JSC – to unlawfully issue bonds nine times, totalling VNĐ10.3 trillion ($450 million). — VNS
