Signs of Additional Culprits
On September 9, after a lengthy interrogation, the Judicial Council of the Hanoi People’s Court decided to return the file and request further investigation into the possible involvement of others in the crime involving Vu Thi Thu Nhung (DOB: 1977), former Deputy Director of the Vietnam Export-Import Bank (Eximbank), in a VND 2,700 billion fraud case.
The trial’s proceedings revealed that many victims came forward, stating that they trusted and deposited money with Nhung due to her position as the bank’s deputy director.
In addition, lawyers of the victims requested clarification on the role and responsibility of Nguyen Thi Dieu L. (as per the indictment, L. is the owner of Nhung’s shell company) and Nhung’s other subordinates in luring the victims into making deposits.
Prior to the trial, the court clerk announced that three representatives of Eximbank had been summoned but were absent, except for one bank employee who was present to observe the proceedings.
Lawyers representing the victims requested the disqualification of the bank employee present at the trial, arguing that they were “only there to observe,” and insisted on summoning Eximbank’s representatives to attend the trial and clarify related matters.
Furthermore, the lawyers also requested the summoning of the “intermediaries” who aided Nhung in the fraud. The lawyers argued that the victims had accused this group of intermediaries as the primary culprits, but the investigating agency took no action. They asserted that if these individuals were absent, they should be brought to court by force.
Accused, Vu Thi Thu Nhung.
A Massive Fraud: Where Did the Money Go?
According to the indictment, the prosecution determined that in 2013, after being appointed as Deputy Director of Eximbank’s Ba Dinh branch, Nhung provided false information to her acquaintances about Eximbank’s exclusive high-interest savings programs and valuable gifts for internal customers. Her deceitful intention was to induce individuals with savings intentions to deposit money with her.
Additionally, Nhung fabricated a story about Eximbank’s Ba Dinh branch organizing an auction for bad debts. Through these schemes, she defrauded hundreds of individuals, amassing a total sum of over VND 2,705 billion.
Thus far, the investigating authorities have identified 46 victims with comprehensive information, including names and addresses, who transferred money to Nhung, totaling more than VND 788 billion. Nhung utilized the majority of the funds to pay interest or profits to the victims, amounting to over VND 477 billion. Currently, Nhung still possesses over VND 311 billion, with no ability to repay.
Notably, during the asset verification process related to Nhung for sequestration and freeze, the prosecuting agency found that the former bank deputy director of Eximbank’s Ba Dinh branch had virtually nothing left except for a bank account with a balance of VND 1 billion.
According to the prosecuting agency, out of the three cars registered under Nhung’s name, all are currently mortgaged to a bank with an outstanding debt of nearly VND 600 million. Two of the vehicles have already been returned to the bank for loan settlement.
Regarding her real estate holdings, a 120-square-meter apartment in Bac Tu Liem district was also mortgaged to a bank, with the loan already overdue for payment, totaling over VND 1.8 billion.
Another 120-square-meter land plot in Tay Ho district, valued by the bank at VND 16 billion, is also mortgaged for a loan of VND 12 billion, with an outstanding debt of VND 11.5 billion.
In Ba Dinh district, although the red book (land use right certificate) is under Nhung’s name for a 39-square-meter land plot, she signed a sales contract for VND 4 billion to an individual in March 2020.
In Ba Vi district, the prosecuting agency stated that in 2015, Nhung owned a plot of land measuring over 5,600 square meters, which she has since transferred.
At present, the prosecuting agency has concluded that Vu Thi Thu Nhung is “unable to compensate for the damages” caused in this case.
Former Eximbank Branch Deputy Director Faces Trial for $117 Million Fraud
As the former Vice Director of the Vietnam Export Import Commercial Joint Stock Bank (Eximbank) – Ba Dinh Branch, accused Vu Thi Thu Nhung, employed a myriad of deceptive tactics to defraud 100 victims of 2.7 trillion VND. The funds were purportedly intended for bank deposits and the purchase of auctioned assets.
Eximbank Spreads Cheer: A Visit and Gift-Giving to Three Orphanage Shelters
On September 8, 2024, the Vietnam Export Import Commercial Joint Stock Bank (Eximbank) partnered with Thanh Nien newspaper to organize a visit and gift-giving event at three public social protection centers in Ho Chi Minh City.
