The Supreme People’s Procuracy has indicted Truong My Lan and her accomplices on charges of “fraud”, “money laundering”, and “illegal cross-border currency transportation.”
According to the indictment, over a period of nearly four years (from January 1, 2018, to October 7, 2022), Lan embezzled more than VND 445 trillion through embezzlement and bond issuance.
Lan exploited her influence at major corporations, such as SCB Bank and TVSI Securities Company, to establish a complex financial system to conceal her criminal activities.
Defendant Truong My Lan
Through her relatives and individuals holding stakes on her behalf, Truong My Lan controlled and operated these financial institutions. She directed the issuance of 25 fake bond codes through subsidiary companies such as An Dong, Sunny World, Quang Thuan, and Setra.
This attracted over 35,824 investors and raised more than VND 30 trillion. However, this money was not used for the stated purpose of the bond issuance.
Instead of funding the promised projects, Lan redirected the massive sum to repay debts between companies within the Van Thinh Phat Group, leading to a default on bond payments.
Additionally, Lan instructed the withdrawal and transfer of funds out of the SCB system to conceal the source of the embezzled money and executed a series of fictitious contracts for stock purchases and consulting services to move billions of USD between Vietnam and foreign countries.
The indictment clarifies that these schemes enabled Truong My Lan to embezzle over VND 445 trillion in a short period, causing severe losses to investors and shaking the financial system she had manipulated…
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