Vietnam Tycoon Faces New Charges While Sentenced to Death

Vietnamese police intend to file money laundering charges against the real estate tycoon Truong My Lan nearly after she was convicted and sentenced to death in a $12 billion fraud scandal in Vietnam, according to officials.

The Investigation Police Department for Corruption, Smuggling and Economic Crimes (C03) under the Ministry of Public Security has recommended prosecuting convicted property tycoon Truong My Lan and 33 other individuals detained on charges of aggravated fraud for the appropriation of assets and documents, money laundering, and cross-border illegitimate trafficking of currency, according to an announcement of the ministry on June 5.

As per the state media on Thursday, Lan had violated the law, took $4.5 billion out of the country illegally; $1.5 billion out of Vietnam, and invested $3 billion in this country. But the exact countries that were the sources or beneficiaries of that money are not mentioned.

What is Lan Accused of?

According to police, Lan and her accomplice should face legal action for alleged money laundering, asset embezzlement, and illicit cross-border currency transportation connected to real estate firm Van Thinh Phat Holdings Group and Saigon Commercial Bank-SCB, says sources citing information from the Ministry of Public Security.

Lan was the chairperson of Van Thinh Phat Holdings and the prosecutors claimed that she took control of SCB for over 90% in an unlawful way from 2012 to 2022 by paying 27 persons and entities to purchase shares in the bank.

SCB declined to comment on the issue while contacted on Thursday.

Background Events Of The Case

In April 2024, a court convicted Lan and sentenced her to death for embezzling $12 billion from SCB, a bank over which she essentially controlled through several proxies despite regulations that severely restricted her from owning significant shares in lenders.

‘The October 2022 arrest of 67-year-old Lan, led to a bank run on SCB. The central bank eventually took over the institution.’

What is Happening now?

Lan is also said to have laundered $445.7 trillion comprising the money she and her accomplices stole from SCB and the money she earned from the unlawful bond issuance, source media reports yesterday.

Major General Nguyen Van Thanh of the ministry had claimed in December that Lan had used the money published through illegal means to buy large tracts of land and properties.

“We were investigating if she had plans to transfer some money to another country with the aim of investing. ”

Read Also: 

• CFO Of Epoch Times Arrested Over Alleged $67M Money Laundering Scheme
• Donald Trump Convicted On All 34 Counts At The Hush Money Trial

These charges were offered after the finalization of the second tier of an investigation of Lan, chairwoman of Van Thinh Phat, and her partners for deceits on her part and SCB says state sources.

The first phase led to the trial of Lan in Ho Chi Minh City and the sentence of death penalty was awarded to her for causing losses of 677 trillion VND (26.6 billion USD). She has appealed the sentence.