Chairman of Tân Hoàng Minh Co Ltd Đỗ Anh Dũng at the court on Wednesday. — VNA/VNS Photo Phạm Kiên

HÀ NỘI — The Hà Nội People’s Court on Wednesday handed down prison terms to 15 defendants involved in the case of “obtaining property by fraud” at property developer Tân Hoàng Minh.

Đỗ Anh Dũng, Chairman of Tân Hoàng Minh, was sentenced to eight years in prison, while his son and Deputy General Manager Đỗ Hoàng Việt will spend three years in jail.

Other defendants got jail terms ranging from 18 to 24 months, of them five receiving a 18-month suspended sentence.

According to the first-instance judgement, between July 2021 and March 2022, Dũng, through his son, authorised subordinates to use three subsidiary companies to issue nine separate bond packages worth VNĐ10.3 trillion (US$450 million) in order to steal over VNĐ8.6 trillion from 6,630 investors.

The court said that Dũng was the mastermind who initiated the scheme from the beginning and gave directions on how to spend the money appropriated from the victims.

Việt was a major accomplice but was sincere in admitting his crime and followed his father’s orders without fail, the court said. — VNS