Vietnam Capital Chairman and Director Sentenced to Life Imprisonment for Fraud
On the evening of August 11, the People’s Court of Da Nang City sentenced the Chairman and Director of Vietnam Capital Finance Joint Stock Company to life imprisonment in the presence of nearly 300 victims of the case.
Le Trong Linh (36 years old, Thanh Hoa) – Chairman of the Board, and Truong Quoc Thai (39 years old, Ben Tre) – Director of Vietnam Capital Finance Joint Stock Company, were sentenced to life imprisonment for “appropriating property by fraud”, and ordered to pay compensation of nearly VND 140 billion to the victims.
Le Trong Linh and Truong Quoc Thai were both sentenced to life imprisonment for fraud
During the trial, the court questioned the two accused about their fraudulent activities. Defendant Thai claimed that he was only hired as a director and received a salary, although he owned shares, he did not benefit from them. He followed the instructions of Linh in his work.
Thai also admitted that he initially did not know that Linh’s actions at the company were illegal, but continued even after becoming aware of the violations.
In contrast, Linh argued that Thai, as the appointed director, would have full authority to manage the company’s affairs.
Both defendants confessed that the money they obtained was invested in failed ventures, used to pay interest to customers, and to maintain operations, rather than to purchase real estate in other provinces as promised.
The representative of the Da Nang City People’s Procuracy stated that the two accused played an equal role in the case and that the nature of their crimes was particularly serious, involving a substantial amount of money. They disregarded the law and committed the crimes repeatedly over an extended period, warranting severe punishment and permanent isolation from society.
Vietnam Capital Trial: Victims Fill the Courtroom
The People’s Procuracy of Da Nang City recommended life imprisonment for the two accused. Subsequently, the court handed down the sentence in the presence of nearly 300 victims packed into the courtroom.
As previously reported, Vietnam Capital Finance Joint Stock Company was established by Le Trong Linh and Truong Quoc Thai, who registered to contribute capital for business operations but did not actually contribute any money or assets.
Despite not being a credit institution and not being permitted to engage in “savings deposit” activities, Linh and Thai colluded and instructed their employees to falsely advise and introduce customers that Vietnam Capital Finance Joint Stock Company was “a subsidiary of an international financial group, ranked among the top 100 financial companies, and licensed to operate savings deposits. Customer deposits are insured according to regulations. The company will fully repay the principal and interest on time, and guarantees that all deposit rates will always be higher than banks.”
Based on this misleading information, customers trusted and deposited their savings with the company, only to be defrauded. The investigation determined that Le Trong Linh and Truong Quoc Thai had appropriated VND 139.8 billion from 288 victims.
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