‘Drawing’ a project, embezzling billions from real estate brokers

Pham Van Dang (born 1991, in Duc Giang Ward, Long Bien District) cunningly devised real estate projects and deceived, defrauded numerous individuals who had paid money to become collaborating real estate agents.

0
198

On February 20, it was reported that the Hanoi People’s Procuracy has completed the indictment of Pham Van Dang (born in 1991, living in Duc Giang Ward, Long Bien District) for the crime of “Fraudulently appropriating property” as prescribed in Clause 4, Article 174 of the Penal Code.

The accusation found that in 2016, Pham Van Dang bought Viettek Company to use it for fraud and asset misappropriation.

After buying the company, the suspect asked someone known to him, Ms. Dang Thi M. (born in 1946, residing in Son Tay Town) to serve as the Director and legal representative.

To run the company under Ms. M’s name, the suspect Dang forged her signature and used this signature template with relevant authorities. He also prepared a power of attorney with the content “Ms. M authorizes Pham Van Dang to manage all activities of the Company”.

During the operation of the business, Dang went online and accessed the websites of real estate companies such as FLC Corporation and Vingroup, downloaded images of their projects onto his computer. He then hired someone to insert content into the images to make it appear that Viettek Company was the investor or involved in those projects, and printed them into multiple catalogs.

Illustrative image.

According to the investigation agency, Pham Van Dang introduced Viettek Company as the investor or distributor of projects such as Binh Yen Ecotourism Area with a total investment of 100 billion VND (the project is pending approval); Son Dong Ecological Service and Tourism Area with a total investment of 250 billion VND (the project has completed site clearance); Manhattan Low-rise Residential Area; Investment in 20 villas worth 300 billion VND at FLC Ha Long project; Investment in 50 villas worth 450 billion VND at Lideco project; Investment in 10 garden villas and land lots worth 200 billion VND at FLC Sam Son project, and distribution of Eco Valley Resort project, etc.

In addition, the suspect also drafted documents with the content “Recruiting real estate sales collaborators” in the form of multi-level marketing. Each collaborator would receive an ID code upon joining, with a participation fee of 3.5 million VND.

To gain trust from participants, after they paid the fee, Viettek Company would sign a real estate brokerage collaboration contract with them.

However, by the end of 2016, when the victims realized that Dang was unable to pay them the promised commissions, many of them went to the company’s headquarters to demand their money, but Dang evaded them.

According to the Prosecutor’s Office, from November 22, 2016, to January 17, 2017, Pham Van Dang received a total of over 2 billion VND from 34 people, of which he used up more than 200 million VND.

During the expanded investigation, the prosecution agency also found that Dang defrauded Ms. Ha Thi M. of 1 billion VND using deceitful methods, by enticing her to invest in the construction project of the Hanoi Community Health Care Center. Immediately after investing, Ms. M. was only given 100 million VND in interest by Dang.

Hoang An

SOURCEvietstock
Previous articleNoteworthy stocks at the beginning of the session on 20/02
Next articleEnsuring Citizens’ Rights During Mass Bank Withdrawals