PSH Executives Arrested for Fraud and Embezzlement

On October 18, 2025, the Investigation Police Agency (IPA) of the Ministry of Public Security announced that on October 15, they had issued a detention warrant for Ranjit Prithviraj Thambyrajah (born in 1960, Australian nationality), Director of Berhero Pty Limited, operating under the name Acuity Funding. Thambyrajah is being investigated for providing false information related to the signing of a loan agreement for $720 million with Nam Song Hau Petroleum Investment and Trading Joint Stock Company (UPCoM: PSH).

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Specifically, PSH received a prosecution decision and arrest warrant from the Investigation Agency of the Ministry of Public Security on October 17th regarding Mr. Ranjit Prithviraj Thambyrajah (current Vice Chairman of the Board and CEO) and Mr. Nguyễn Việt Anh (current Deputy CEO).

Ranjit Prithviraj Thambyrajah – CEO of PSH

The announcement stated that the Investigation Agency received a denunciation from Mr. Mai Văn Huy himself, Chairman of the Board, accusing Mr. Ranjit and Mr. Việt Anh of defrauding PSH of nearly 1.76 million USD.

Additionally, the investigation agency received complaints from other individuals and organizations against Mr. Ranjit and his accomplice Việt Anh, related to fraud and appropriation of assets at Tín Thành Group JSC (over 5.46 billion VND); Mr. Nguyễn Thanh Tùng accused Ranjit and his accomplice Nguyễn Thị Thanh Minh of appropriating 864,500 USD from Mr. Tùng and Mr. Nguyễn Hoài Linh; Mr. Linh accused Ranjit and his accomplice Minh of appropriating nearly 1.2 million USD from Mr. Tùng and Mr. Linh.

Based on the investigation results, the Investigation Agency of the Ministry of Public Security issued Decision No. 65/QĐ-VPCQCSĐT on October 13th, 2025, to prosecute the criminal case of “Fraudulent Appropriation of Property”. The case was determined to have occurred at Nam Sông Hậu Company (PSH) and several other companies in Hanoi, Ho Chi Minh City, Can Tho, and other provinces, including: Global Green Investment and Business JSC, Hai Nhan JSC, Tín Thành Group JSC, Gia Hung Infrastructure Investment and Development Consulting JSC, and Fulland Real Estate JSC.

The arrest warrant for Mr. Ranjit stated that, as Director of Berhero Pty Limited (trading as Acuity Funding), he “provided false information about Berhero Pty Limited’s ability to provide funds ranging from hundreds of million USD to billion USD to companies in need of loans in Vietnam”. The purpose was to appropriate fees from these companies.

The total amount appropriated was determined to be over 4.9 million USD. Mr. Ranjit was charged under Article 174 of the Penal Code and is currently detained at T17 Detention Center – Ministry of Public Security.

Previously, on February 27th, 2024, Mr. Ranjit, as Chairman and CEO of Acuity Funding, signed an agreement to lend PSH a total of 720 million USD to implement 8 projects in two phases. This loan would be divided into multiple funding packages with a loan term of up to 20 years and a grace period of up to 3 years.

In Phase 1, Acuity Funding would disburse 290 million USD for PSH to settle bank debts, tax liabilities, provide working capital, and upgrade existing facilities for 3 projects in Mai Dam (former Hau Giang province), Go Cong (former Tien Giang province), and Tra Noc (Can Tho). In Phase 2, a 430 million USD fund would be allocated to implement 5 projects, including building a new factory in Tien Giang, completing a mixed-use project in Dong Phu (Chau Thanh district, Hau Giang) and Phong Dien (Can Tho), and renovating the Nam Viet Cai Rang Factory (Can Tho).

However, the relationship between PSH and Acuity Funding seemed strained after Mr. Ranjit sent a document to authorities regarding his delayed departure. In an interview with the People’s Police Newspaper, Mr. Huy stated that Mr. Ranjit had not fulfilled his commitments despite incurring significant expenses, leading to the filing of the complaint.

Hải Âu

– 12:20 18/10/2025

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