The Hanoi People’s Procuracy has recently issued an indictment against Vũ Thị Thúy (born in 1981, residing in Yên Hòa Ward, Hanoi), the Chairperson and CEO of Nhật Nam Real Estate Company, along with her accomplices. They are charged with “Fraudulent Appropriation of Property” and “Money Laundering.”
Vũ Thị Thúy, Chairperson of Nhật Nam Real Estate Company, before being prosecuted. Photo: T.L.
According to the indictment, in 2019, Vũ Thị Thúy established Nhật Nam Real Estate Investment and Trading Joint Stock Company (Nhật Nam Company). To fund her personal expenses, Thúy employed deceptive tactics such as advertising on media platforms, websites, Facebook, and through associates. She falsely claimed that Nhật Nam Company had invested in numerous high-value properties nationwide, which were used as collateral for business cooperation contracts with investors.
To build trust among investors, Thúy recruited individuals with social influence and reputation to promote Nhật Nam Company’s operations in real estate, restaurants, hotels, and finance. She promised daily returns of 7-8% per month, with total returns of 168-192% over two years, including both principal and interest.
Thúy offered attractive incentives for investors, with larger investments qualifying for greater benefits. Members of the Strategic Board, despite not being company founders, not contributing to the charter capital, and lacking knowledge of the projects and profits, followed Thúy’s instructions. They promoted, trained, and managed sales teams and oversaw regional offices across the country. These efforts aimed to disseminate misleading information to gain investor trust, leading to contract signings and investments in Nhật Nam Company.
Vũ Thị Thúy signed fictitious contracts worth billions to tens of billions of Vietnamese dong, issued Strategic Shareholder Certificates to Strategic Board members, and directed accountants to transfer “fake” profit shares to these members. This strategy enhanced the credibility of the Strategic Board, enabling them to attract more investors and secure contracts and funds for Nhật Nam Company. In return, board members received sales commissions, ongoing bonuses, and salaries from the company.
Using these tactics, from 2020 to 2023, Vũ Thị Thúy and her accomplices secured 43,314 business cooperation contracts totaling 9,113 billion VND. Of this amount, 4,144 billion VND was used to repay principal on contracts, while the remaining 4,968 billion VND (from 39,814 contracts involving 13,980 victims) was misappropriated for personal use.
After embezzling the funds, Vũ Thị Thúy instructed accountants to withdraw and transfer money from Nhật Nam Company’s accounts to personal accounts, concealing the illicit origins of the funds. Thúy used 120 billion VND to purchase real estate and stocks through intermediaries, further disguising the criminal source of the money. These actions constitute the crime of Money Laundering.
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High-tech criminals engaging in money laundering are becoming increasingly dangerous, sophisticated, and complex, making the need for robust anti-money laundering (AML) measures in the digital economy a critical challenge for nations worldwide, including Vietnam. As Vietnam’s economy becomes more open and interconnected, the urgency to enhance risk identification and mitigation in AML efforts has never been more pressing.
