On June 21, 2025, the Ministry of Public Security’s Investigation Security Agency issued and executed a decision to prosecute and arrest Sy Anh Tuyen, born in 1976 and residing in Dong Yen, Quoc Oai, Hanoi. Tuyen, who served as Chairman of the Board of Directors of GMT Water JSC, was charged with “fraudulent appropriation of property” along with related individuals. The Supreme People’s Procuracy has approved these decisions and orders.
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The investigation revealed that since 2019, Sy Anh Tuyen, along with Nguyen Thi Hong Nhung (born in 1967, residing in Bac Tu Liem, Hanoi), and several others, established and directed the operations of companies within the “GMT ecosystem,” employing a multi-level marketing business model. They deceived victims by providing false information about the financial sources for their alkaline water business, claiming GMT possessed a capital of VND 42,000 billion. They also misrepresented the companies’ financial performance and promised high profits to those who invested in the GMT system. Once they received investments, Tuyen and his accomplices misappropriated the funds for personal use.
Tuyen’s actions caused property damage to numerous individuals and disrupted security and the business environment in various localities nationwide. The Ministry of Public Security’s Investigation Security Agency is currently investigating the case in accordance with legal regulations.
GMT Water JSC, formerly known as CNA Water JSC, was established on January 15, 2019, with its headquarters in Hanoi. The company primarily engages in the wholesale of natural mineral or purified bottled water. With an initial chartered capital of VND 30 billion, the founding shareholders were Tran Anh Tuyet (40%), Chu Ngoc Khanh (30%), and Sy Anh Tuyen (30%). Mr. Vu Manh Hung served as the company’s Director and Legal Representative until Mr. Tuyen assumed the role in April 2019, in addition to his position as Chairman of the Board of Directors. In May 2022, the company changed its name to GMT Water JSC and increased its capital to VND 250 billion, without disclosing the ownership structure.
Aside from GMT Water JSC, Tuyen also served as General Director and Legal Representative of Khanh An Commercial Development and Service Investment JSC, established on July 11, 2018, with a chartered capital of VND 9 billion. Tuyen held a 30% stake in this company, which is headquartered in Hanoi and specializes in functional food and other wholesale food businesses.
Huy Khai
– 21:55 23/06/2025
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“Unscrupulous individuals, Sỹ Anh Tuyên and his accomplices, orchestrated a deceitful scheme. They lured investors with false promises, pocketing the funds instead of fulfilling their commitment to channel them into legitimate business operations. Their fraudulent actions served only their self-interest, betraying the trust of those who believed in their venture.”
A Billionaire Family Overcompensates in Civil Liability Settlement, Returning Over $946,000.
“In her petition to the court, Le Thi Ngoc Diep pleaded for a fine instead of a prison sentence for Trinh Van Quyet for the charge of ‘Manipulating the securities market’. For the charge of ‘Fraudulent appropriation of property’, she requested that the court reduce her husband’s sentence to time served.”
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The two accused deliberately prolonged their fraudulent scheme, employing intricate tactics such as fabricating financial reports and enlisting fake auditing firms to legitimize their “illusory revenue.” They even presented a roadmap for the enterprise’s privatization and stock market listing, creating a facade of growth and stability.
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“Trinh Van Quyet and his two biological sisters have fulfilled their obligation to remedy the consequences, amounting to nearly VND 2,500 billion.”
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The multi-level marketing industry in 2024 witnessed a remarkable performance, boasting a staggering turnover of 16,206 billion VND. The industry engaged nearly 700,000 participants, reflecting its significant reach and impact in the market.
