On November 26th, the Ho Chi Minh City People’s Court held a first-instance trial for Pham Trong Cuong (born 1990, residing in Phu Nhuan District, Ho Chi Minh City) on charges of “Fraudulent Appropriation of Property” and “Use of Seals, Fake Documents of Agencies and Organizations.”
According to the indictment, Cuong was an inspector at the State Bank’s Ho Chi Minh City Branch.
Cuong had an overdue loan at Viet Capital Bank and lacked funds to pay interest. He also had debts of around VND 4-5 billion in society, needing to liquidate assets to repay debts.
Defendant Pham Trong Cuong in court
However, as his property (a house in Phan Dang Luu Street, Ward 1, Phu Nhuan District) was mortgaged at Viet Capital Bank, Cuong had fake documents created, including a loan approval document from another bank, with the intention to defraud.
Specifically, the forged document stated that the bank had agreed to lend him VND 9.3 billion. Cuong intended to make potential lenders believe that he had a loan application approved by the said bank.
When Mr. V.Q.M – representing Fintech Company Limited Online247 – contacted Cuong to inquire, the defendant had someone pretend to be a bank employee and provide fake documents, including the loan approval decision, and false information about his debt at Viet Capital Bank to gain Mr. M’s trust.
Finding the documents comprehensive, Mr. M informed Fintech Company Limited Online247, which then transferred VND 5.5 billion to Cuong’s account as a loan. Subsequently, Cuong appropriated this amount for personal use.
In court, the defendant Cuong admitted to his crimes, stating that he committed the fraud due to his debts and inability to repay them.
The court sentenced Pham Trong Cuong to 13 years in prison for “Fraudulent Appropriation of Property” and three years for “Use of Seals, Fake Documents of Agencies and Organizations.” He was also ordered to compensate Fintech Company Limited Online247 with VND 5.5 billion and VND 299 million in interest.
“Arrest of Nguyen Tai – A Bank Employee in Danang”
On November 6th, the Criminal Police Department of Da Nang City Police delivered the decision to initiate a prosecution, prosecute the accused, and detain Nguyen Tai (27 years old), residing in Thanh Khe Tay ward, Thanh Khe district, Da Nang city, for fraud and appropriation of property.
The Fall of a Secretary: Lê Đức Thọ and 14 Others Face Trial in the ‘Xuyên Việt Oil’ Scandal
“Protecting” a series of violations by the Director and Chairman of the Members’ Council of Xuyen Viet Oil Company, the former Deputy Minister of Industry and Trade, and Mr. Le Duc Tho (former Secretary of Ben Tre Province) will soon face trial for their illegal actions.
Unveiling the Secrets: A Proposal for the Ministry of Public Security to Continue Verification of Assets in the Truong My Lan Case
The official website of the People’s Court of Ho Chi Minh City has published the First Instance Criminal Verdict on the case of Truong My Lan and accomplices, Phase 2. The verdict includes a recommendation for the Investigation Agency of the Ministry of Public Security (C03) to investigate and verify the ownership of numerous assets involved in the case.
The Van Thinh Phat Trial Phase 2: Unfeasible Remediation Plan
Recognizing the defendant Truong My Lan’s desire to remedy the consequences of the case. However, the People’s Procuracy of Ho Chi Minh City (VKSND) deemed this proposal as impractical and unrealistic.
The Bondholder’s Silver Lining: Unraveling the Van Thinh Phat Case
The deadline for victims of the bond-buying scam to come forward and amend their information has been extended, as per the latest announcement on September 27th.
