As previously reported by Nguoi Lao Dong newspaper, on October 31, the Economic Police Department of Ho Chi Minh City Police executed an arrest warrant for Ms. Truong Ngoc Anh (actress, born in 1976) on charges of embezzlement and asset misappropriation.
In this case, a notable detail involves a land transaction conducted using gold. According to the police, Dat Rong Real Estate Company (located in Duc Nhuan Ward, Ho Chi Minh City) filed a complaint accusing Ms. Truong Ngoc Anh of misappropriating the company’s assets.
Ho Chi Minh City Police reading the arrest warrant to Ms. Truong Ngoc Anh
Dat Rong Company was established in 2007, with Ms. Truong Ngoc Anh serving as its director and legal representative. During its operations, Ms. Anh solicited a total investment of $9.1 million (over 149 billion VND) from Mr. P.G.M (an Irish national) for two real estate projects, including the Indochine Building project at 112 Nguyen Thi Minh Khai, Ho Chi Minh City.
For this specific project, Mr. M. transferred $4.49 million, equivalent to 72 billion VND.
Ho Chi Minh City Police and the People’s Procuracy searching Ms. Truong Ngoc Anh’s residence
According to the contract, the Indochine Building project was to be registered under Dat Rong Company’s name, valued at 12,917.7 taels of gold. However, before signing the investment agreement, Ms. Anh and N.M.H (born in 1964, residing in Tan Dinh Ward, Ho Chi Minh City) personally signed a purchase contract with four households within the project area for only 7,917.3 taels of gold. Ms. Anh paid only 3,000 taels but recorded in the company’s books that 4,458 taels had been paid.
Preliminary investigations by Ho Chi Minh City Police suggest that these actions violated the investment agreement, showing signs of fraud and inflating the project’s value to misappropriate the difference.
Clip: Ms. Truong Ngoc Anh at the investigation agency
Article 215 of the Criminal Procedure Code stipulates that when determining the value of assets in a criminal case, the competent authority must issue a request for asset valuation. The establishment and operation of the asset valuation council, as well as the procedures for valuation in criminal proceedings, are governed by Decree 250/2025.
Notably, domestic gold prices have been highly volatile. The continuous rise in gold prices raises public concerns: How will the value of the allegedly misappropriated assets in Ms. Truong Ngoc Anh’s case be determined, and how will this affect the sentencing framework?
To ensure fairness and objectivity, the case must adhere to the principles outlined in Joint Circular 02/2001 issued by the Ministry of Public Security, Ministry of Finance, Supreme People’s Court, and Supreme People’s Procuracy, which provides guidelines for applying certain provisions related to “crimes against property.”
Specifically, the value of misappropriated, unlawfully held, or damaged assets is determined based on the market price of the asset in the locality at the time of the misappropriation, unlawful holding, or damage.
In this case, during the investigation and prosecution, the valuation council must clarify the value of the misappropriated assets in Vietnamese Dong, based on the gold price at the time of the offense, to determine the appropriate sentencing framework.
This valuation will serve as a critical legal basis for determining the total value of the misappropriated assets, enabling the prosecuting authorities to accurately and fairly establish the charges and sentencing framework.
In reality, gold is a highly volatile asset, influenced by numerous factors. Therefore, using the gold price at the time of investigation or trial for conversion may not accurately reflect the actual damage at the time of the offense, potentially affecting the fairness and accuracy of criminal law application.
Misappropriation of Thousands of Taels of Gold?
The crime of “Embezzlement and Asset Misappropriation” is defined under Article 175 of the Penal Code. The misappropriated assets in such cases must be valued at 4 million VND or more, or less than 4 million VND but fall under specific legal provisions.
According to the police, in this case, Ms. Truong Ngoc Anh is alleged to have misappropriated assets from the company totaling thousands of taels of gold and over 10 billion VND.
Additionally, the police report that during her management of the company, Ms. Anh exploited her position as the legal representative to withdraw funds from the company’s account, directed the creation of fictitious accounting entries, and falsified financial reports to conceal her misappropriation.
Based on these details, Ms. Truong Ngoc Anh may face charges under Clause 4 of Article 175 of the Penal Code— “misappropriation of assets valued at 500 million VND or more…” According to regulations, if the misappropriated asset is gold, it must be converted into Vietnamese Dong to determine the corresponding sentencing framework.
“Golden” Land Plot
The Indochine Building project at 112 Nguyen Thi Minh Khai, Xuan Hoa Ward, Ho Chi Minh City, covers an area of over 833 m2. This fully renovated plot is adjacent to Le Quy Don High School and features four street fronts: Nguyen Thi Minh Khai, Nam Ky Khoi Nghia, Vo Van Tan, and Le Quy Don.
According to the police, in December 2007, the Ho Chi Minh City People’s Committee issued a decision to reclaim this land for the expansion of Le Quy Don High School, compensating the four affected households with over 26.1 billion VND.
The land plot at 112 Nguyen Thi Minh Khai
Due to its prime location, this plot is considered “golden” land. On real estate websites, a nearby plot (440 m2) with two street fronts on Nguyen Thi Minh Khai and Nam Ky Khoi Nghia is listed for sale at 200 billion VND.
The 112 Nguyen Thi Minh Khai land plot linked to Ms. Truong Ngoc Anh
Across from this plot, at the corner of Nguyen Thi Minh Khai and Le Quy Don, stands a similarly named hotel owned by a different company, unrelated to the Indochine Building project.
Report, photos, and video by Son Nhung
Former Executive and Representative of Multiple Companies, Truong Ngoc Anh, Arrested
Renowned actress and entrepreneur Truong Ngoc Anh has been arrested on charges of embezzlement through breach of trust, marking a dramatic conclusion to her years of fame intertwined with business controversies.
Prime Golden Land in Ho Chi Minh City’s Most Expensive District Lands Actress Truong Ngoc Anh in Legal Trouble, with Property Values Reaching Up to $34,000 per Square Meter
Nestled along the prestigious Nguyễn Thị Minh Khai axis, the land once associated with Trương Ngọc Ánh’s project commands a staggering price tag of 600 to 800 million VND per square meter, cementing its status as one of the most coveted and expensive parcels in Ho Chi Minh City.
Gold Price Fluctuations: How Will the Case Involving Actress Truong Ngoc Anh Be Resolved?
Trương Ngọc Ánh allegedly purchased land using gold and engaged in multiple fraudulent activities. As gold prices soared, how will this case unfold?
Jacky Truong’s Arrest: Company Led by Actress Had Only 3 Employees Yet Secured $9.1M in Foreign Investment
Investigators have formally charged and detained Truong Ngoc Anh on allegations of embezzlement at Dat Rong Real Estate JSC. Prior to this, the actress had solicited a total of $9.1 million in investment capital from individuals of Irish nationality to fund two real estate projects.
Breaking News: Actress Truong Ngoc Anh Arrested
On October 31, 2025, the Investigation Police Agency (Economic Police Department) of Ho Chi Minh City Police issued a decision to initiate criminal proceedings, prosecute the defendant, and execute an arrest warrant for temporary detention against Truong Ngoc Anh (artist, actress) to investigate the act of “Abusing trust to appropriate property.”
