The police present documents and decisions on prosecution. Photo: Hanoi Police
|
Two individuals who got arrested are Nguyen Thi Khuyen (born in 1983, residing in Hanoi), the CEO of Tam Loc Phat Group, and Van Dinh Toan (born in 1982, residing in Hanoi), the Deputy CEO of Tam Loc Phat Group.
Fraud and asset appropriation by investment and business capital contribution
In March 2024, through the operation of monitoring the financial investment mobilization of enterprises, the Economic Police Department of Hanoi Police Department detected information about a case with signs of fraud and asset appropriation through investment contracts, business capital contribution contracts, and share capital contribution contracts with Tam Loc Phat.
So far, based on collected documents and evidence, the Investigation Police Agency of Hanoi Police Department has determined that in June 2019, Khuyen, Toan, and another individual founded Tam Loc Phat Media Company Limited, later renamed as Tam Loc Phat Group Joint Stock Company.
The subjects fabricated a business model of a convenient goods supermarket, a garment and fashion production and trading company, real estate investment, etc., and used the legal entity of Tam Loc Phat Company to raise money from investors in the form of business contracts and capital contribution contracts.
To build trust and attract investors, Khuyen’s group offered a high brokerage fee method for introducers and paid interest to investors daily, with interest rates much higher than bank interest rates (approximately 2.93%/month).
Accordingly, about 50 level-1 company representative offices received 15% of the contract value as soon as the investor signed the contract and paid at the office; any office that introduced and opened another office would receive an additional 2% from the contracts of the newly established office; level-2, level-3, and level-4 offices would share profits from 15% of the contract value with level-1 offices.
Level-1 offices in the South received 25% of the contract value from customers.
Khuyen personally managed the company’s general operation, while Toan was in charge of the strategy focused on market development and organizing promotional events in many localities to attract investors.
In addition, the subjects also purchased items such as clothing, cooking oil, and monosodium glutamate to showcase the company’s business activities.
 Nguyen Thi Khuyen and Van Dinh Toan
|
Lost ability to pay, appropriated over 1,000 billion VND from investors
Money collected from investment contracts, after deducting the percentage for the offices, will be transferred to Tam Loc Phat’s account and Khuyen’s personal account so that this individual can follow the interest rate table of the contracts to make daily interest payments to investors.
The remaining amount was used by Khuyen personally to buy cars, real estate, and pay salaries for Khuyen, Toan, and the company’s employees.
From 2019 to the present, the subjects have raised more than 5,100 billion VND from investors.
From September 2023 to the present, Khuyen has not been able to pay the promised interest, has lost the ability to pay, and has appropriated over 1,000 billion VND from investors.
It has been determined that Khuyen and Toan have appropriated over 61 billion VND from 18 investors who have filed complaints.
Currently, the Director of Hanoi Police Department has directed the Investigation Police Agency of Hanoi Police Department to continue consolidating documents and evidence, investigating, clarifying the violation of the law by Nguyen Thi Khuyen, Van Dinh Toan, and other related subjects for strict handling in accordance with the law.
