Specifically, PSH received a prosecution decision from the Investigation Agency of the Ministry of Public Security on October 17th regarding Mr. Ranjit Prithviraj Thambyrajah (currently Vice Chairman of the Board and CEO) of the company.
Ranjit Prithviraj Thambyrajah – CEO of PSH
|
The announcement stated that the Investigation Agency received a complaint from Mr. Mai Văn Huy – Chairman of the Board, accusing Mr. Ranjit and Mr. Nguyễn Việt Anh (Deputy CEO) 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 Corporation (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 a decision to prosecute the criminal case “Fraud and Appropriation of Property” No. 65/QĐ-VPCQCSĐT dated October 13th, 2025. 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 Corporation, Hai Nhan Corporation, Tín Thành Group Corporation, Gia Hung Infrastructure Investment and Development Consulting Corporation, and Fulland Real Estate Corporation.
Simultaneously, the Investigation Agency announced the temporary detention of Mr. Ranjit Prithviraj Thambyrajah, as Director of Berhero Pty Limited (trading as Acuity Funding), for “providing 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. The loan would be divided into multiple funding packages with a 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 debts, 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, 430 million USD would be allocated to implement 5 projects, including constructing a new factory in Tien Giang, completing mixed-use projects in Dong Phu (Chau Thanh district, Hau Giang) and Phong Dien (Can Tho), and renovating 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.
– 12:20 18/10/2025
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).
Who Falls Victim to Shark Binh’s Tactics?
The Hanoi City Police Investigation Agency has seized and frozen assets totaling approximately VND 900 billion, including 597 gold bars, US dollars, 18 land-use right certificates, 2 cars, and various documents from the suspects.
Revisiting High-Profile Cases of Corporate ‘Sharks’ Snared by the Law
Once celebrated as iconic “sharks” on television, inspiring entrepreneurship across the nation, Shark Phạm Văn Tam (Asanzo) and Shark Nguyễn Ngọc Thủy (Egroup) now find themselves entangled in legal battles. These high-profile cases are leaving profound lessons for the business and startup communities.
Fraudulent Land Sale Scam Lands Miss Ha Linh in Prison for 18 Years
Deceptive practices in the sale of land plots to defraud buyers have led to the prosecution of Nguyễn Thị Dung (also known as Á hậu Hà Linh), the second runner-up in the 2022 Miss Global Vietnamese Mrs. Pageant.
Breaking: Real Estate Fraud Scandal Lands Beauty Queen in Prison for 18 Years
Hà Linh, known by her real name Nguyễn Thị Dung, is the second runner-up of Miss Mrs. Vietnam Global 2022 and the Director of HD Land. She has been found guilty of fraudulent practices in the sale of land plots, embezzling over 5 billion VND.
