The Embezzler’s Trail: Unraveling the Web of Fraud with Hundreds of Project Land Titles as Collateral

On August 28, Hai Phong City Police announced that the Investigative Agency, Hai Phong City Police, had initiated a prosecution and arrested the suspect Tran Huy Cuong (DOB: 1973, residing at Lach Tray, Hai Phong City), former general director of Thuy Nguyen Trading Joint Stock Company, for “fraudulent appropriation of property.”

Earlier, Hai Phong City Police received complaints from households denouncing Thuy Nguyen Trading Joint Stock Company, the investor of Anh Dung IV Housing Project in Hung Dao Ward (formerly Anh Dung Ward, Duong Kinh District), for alleged fraud and appropriation of customers’ assets.

According to the investigation results, Thuy Nguyen Trading Joint Stock Company (headquartered at 7/72 Lach Tray, Hai Phong City) was chaired and legally represented by Tran Huy Cuong.

During his tenure, Cuong applied for land-use rights certificates for several land plots owned by Thuy Nguyen Company. Some of these plots were transferred to households, while most remained under the company’s ownership.

Cuong mortgaged these land-use right certificates at banks to secure loans for Thuy Nguyen Company or as collateral for third-party loans (with these third-party companies being owned by Cuong but registered under different names). He also sold some certificates to individuals to repay personal debts.

The total outstanding debt at banks where Cuong secured loans with these land-use rights certificates amounts to approximately VND 910 billion.

Cuong used multiple subsidiary companies to mortgage 205 land-use right certificates of land plots belonging to the Anh Dung IV Housing Project to secure loans from various banks. Households that purchased these land plots from Thuy Nguyen Company (for the plots mortgaged by Cuong) had paid a total of over VND 85.6 billion to the company.

In addition to bank loans, Tran Huy Cuong also borrowed money from individuals at high-interest rates to refinance his bank loans. One of these lenders was Pham Thi Thu Thao (DOB: 1985, residing in Le Chan Ward, Hai Phong City).

From November 17, 2023, to January 10, 2025, Thao repeatedly lent money to Cuong for debt refinancing, with interest rates ranging from VND 2,000 to VND 4,000 per million dong per day, equivalent to 73% to 146% per annum. The interest rate varied depending on the loan package, with the typical package being a 3-day loan at an interest rate of approximately VND 3,300 per million dong per day.

During this period, Thao lent Cuong a total of nearly VND 317 billion. Cuong repaid a principal amount of over VND 220.7 billion. As per their agreement, the total interest Cuong had to pay was over VND 47.7 billion.

Thao illegitimately profited more than VND 10.6 billion from these high-interest loans. As of January 10, 2025, Tran Huy Cuong still owed Thao more than VND 96 billion.

The investigation agency searched the residences and workplaces of the suspects and the headquarters of Thuy Nguyen Trading Joint Stock Company. They found that, in addition to lending money to Tran Huy Cuong, Thao and her associates also engaged in usury with numerous individuals and organizations in Hai Phong, involving hundreds of billions of dong.

The investigation agency requests that any victims of this case contact the Investigative Agency of Hai Phong City Police (address: No. 4, Le Dai Hanh, Hong Bang Ward, Hai Phong City, Tel: 0692.785.462) to provide relevant information.