On February 5, the Office of the Ho Chi Minh City Police Investigative Agency announced that a criminal case has been initiated, and an arrest warrant has been issued for Pham Trong Cuong (34 years old, residing in Phu Nhuan District), on charges of “Fraud, misappropriation of assets” and “Use of counterfeit seals and documents of agencies and organizations.”
Previously, the Office of the Ho Chi Minh City Police Investigative Agency received a denunciation of a crime from Mr. V.Q.M (42 years old, residing in Hanoi City), accusing Cuong of misappropriating 5.5 billion VND on October 22, 2021 through financial borrowing activities.
After receiving the denunciation, the police investigation agency conducted verification activities, collected documents and evidence, summoned relevant individuals for clarification.
As a result of the investigation, the police have determined that Cuong is a specialist in monitoring and inspecting the State Bank – Ho Chi Minh City Branch and has an overdue loan at BAN Viet Bank, with no ability to repay and an outstanding debt in society of about 4 – 5 billion VND.
Cuong needed to liquidate assets to repay the debt, but because the assets (real estate on Phan Dang Luu Street, Ward 1, Phu Nhuan District) were mortgaged at BAN Viet Bank, he asked someone to falsify documents stating that the Bank for Agriculture and Rural Development – Tay Sai Gon Branch had approved a loan of 9.3 billion VND for Cuong.
When Mr. V.Q.M (representative of the Online247 Financial Technology Joint Stock Company) contacted to inquire, Cuong asked someone to impersonate an employee of the Bank for Agriculture and Rural Development – Tay Sai Gon Branch to hand over fabricated documents approving the loan and provide false information about the outstanding loan amount at BAN Viet Bank.
Mr. M trusted Cuong, reported to the company, and transferred 5.5 billion VND to Cuong’s account, but it was misappropriated.
The case is currently being investigated by the police to clarify the details.