On January 31, news from the Ministry of Public Security revealed that the Investigative Police Department under the Ministry of Public Security has made additional decisions to initiate criminal proceedings against, arrest, detain, and prohibit 22 individuals from leaving their place of residence. Search warrants were also issued for their homes and workplaces. These 22 individuals are involved in a case of “Property Fraud” that occurred at FLC Group Joint Stock Company, BOS Securities Joint Stock Company, FLC Faros Joint Stock Company, and related companies.
Trinh Van Quyet, the suspect at the time before being indicted
According to the Ministry of Public Security, the Investigative Police Department has been conducting investigations into the wrongdoings of 22 individuals who were formerly leaders of Faros Construction Joint Stock Company, companies belonging to FLC Group, an audit company, and relatives of Trinh Van Quyet, former chairman of FLC Group Joint Stock Company’s Board of Directors. These individuals are involved in fraudulent acts, actively assisting Trinh Van Quyet in “Property Fraud” by falsely raising the charter capital of FLC Faros Construction Joint Stock Company from 1.5 billion VND to 4,300 billion VND, equivalent to 430 million shares listed on the HOSE stock exchange, thereby misappropriating investors’ money.
On January 28, the Investigative Police Department under the Ministry of Public Security made additional decisions to initiate criminal proceedings against, arrest, detain, and prohibit 22 individuals from leaving their place of residence. Search warrants were also issued for their homes and workplaces. These individuals are suspected of “Property Fraud” as stipulated in Article 174, Clause 4 of the 2015 Criminal Code, with the role of accomplices.
The 22 individuals are as follows: Doan Van Phuong, former CEO of FLC Group, Chairman of the Board of Directors of Faros Construction Joint Stock Company; Trinh Van Dai, former Chairman of the Board of Directors, Deputy CEO of Faros Construction Joint Stock Company; Do Nhu Tuan, former CEO of Faros Construction Joint Stock Company; Nguyen Van Manh, former member of the Board of Directors of Faros Construction Joint Stock Company (Trinh Van Quyet’s brother-in-law); Dam Mai Huong, former Chief Accountant of Faros Construction Joint Stock Company; Nguyen Van Thanh, former Head of the Internal Audit Board of Faros Construction Joint Stock Company; Hoang Thi Thu Ha, Accountant of FLC Land One Member Limited Liability Company; Tran The Anh, Deputy CEO of FLC Group; Do Quang Lam, former CEO of Faros Construction Joint Stock Company; Nguyen Thanh Binh, former Deputy CEO of FLC Group, Chairman of the Board of Directors of RTS Joint Stock Company; Le Thanh Vinh, former Chairman of the Board of Directors of Faros Construction Joint Stock Company; Nguyen Tien Dung, former CEO of Faros Construction Joint Stock Company; Le Tan Son, former Deputy Chief of Office, Secretary of the Board of Directors of FLC Group; Trinh Tuan, former Head of Materials Department of FLC Land One Member Limited Liability Company; Dang Thi Hong, former Deputy Head of Legal Department, FLC Group Joint Stock Company; Le Van Sac, Chairman of the Board of Directors of Alaska Real Estate Investment Joint Stock Company and Director of FLC Land One Member Limited Liability Company; Truong Van Tai, Office Staff of FLC Group Joint Stock Company (driver for Trinh Van Quyet); Nguyen Binh Phuong, former Chairman of the Board of Directors of FLC Faros Construction Joint Stock Company; Nguyen Minh Diem, former administrative staff of BOS Securities Joint Stock Company; Nguyen Thi Hong Dung (Nguyen Van Manh’s sister-in-law, Trinh Van Quyet’s sister-in-law); Nguyen Ngoc Tinh, Chairman of the Council of Members, former CEO of Hanoi Audit and Accounting Services Limited Liability Company; Le Van Tuan, Auditor of Hanoi Audit and Accounting Services Limited Liability Company.
