Nguyễn Thiện Nhân (right) and Nguyễn Ngọc Minh, who remain at large on active arrest warrants. — Photo courtesy of the Supreme People's Procuracy

HÀ NỘI — The Supreme People's Procuracy has indicted four defendants in a bank fraud case that caused more than VNĐ3.1 trillion (US$120 million) in losses to DongA Commercial Joint-Stock Bank, with two of the accused already fugitives.

The defendants face charges of violating lending regulations under the Penal Code. All four are also charged as co-conspirators with Trần Phương Bình, DongA Bank's former chief executive, on a separate count of violating banking operations rules.

Nguyễn Thiện Nhân, 63, chairman of Thai Thinh Capital Corporation, is identified as the ringleader. Prosecutors say he conspired with Bình to channel DongA Bank loans to Thai Thinh-affiliated companies, then diverted the funds for his own use.

The collateral pledged against the loans was either worthless or legally invalid. Nhân has since fled and remains at large.

Three subordinates carried out the scheme on his orders, each using a separate company to extract credit from the bank.

Nguyễn Ngọc Minh, 58, used Thai Thinh Da Lat Capital to borrow VNĐ210 billion ($8 million) from the bank, causing losses of VNĐ527.5 billion ($20 million). He too has fled.

Nguyễn Thanh Thủy, 61, signed three loan agreements in the name of Le Minh MC Corporation and in her own name, totaling VNĐ737 billion ($28 million), leaving the bank with more than VNĐ1.5 trillion ($59 million) in losses.

Nguyễn Đắc Hiệp, 51, used Lam Vien Company and fabricated business plans to obtain nearly VNĐ320 billion ($12 million) in loans. The bank's losses on those loans exceeded VNĐ212.5 billion ($8 million).

The procuracy has publicly called on Nhân and Minh to surrender, warning that failure to do so will result in trial in absentia and forfeiture of the right to legal counsel. — VNS