Behind the Glamour: Unveiling the Life of a Female Entrepreneur

The Hanoi People’s Procuracy has issued an indictment against Vũ Thị Thúy (born in 1981, residing in Yên Hòa Ward, Hanoi), Chairwoman and CEO of Nhat Nam Real Estate Company (Nhat Nam Company), on charges of “Fraudulent Appropriation of Property” and “Money Laundering.”

Setting the Trap

Additionally, the Procuracy has charged Trần Thiện Tâm and Trịnh Văn Tôn, both Deputy CEOs of Nhat Nam Company, along with eight others, with “Fraudulent Appropriation of Property.”

According to the indictment, in 2019, Vũ Thị Thúy established Nhat Nam Company with a registered capital of 50 billion VND. To fund her expenses, Thúy employed deceptive tactics, such as advertising on social media platforms (websites, Facebook) and through collaborators, claiming that Nhat Nam Company had invested in numerous high-value real estate properties nationwide. These properties were purportedly used as collateral for business cooperation contracts with investors.

To build trust with investors, Thúy recruited individuals with social influence and prestige to promote Nhat Nam Company’s activities in real estate, restaurants, hotels, and finance. She promised daily returns of 7%-8% per month, with a total return of 168%-192% after two years.

Furthermore, Thúy offered monthly incentives and bonuses during company events, holidays, and festivals. Larger investments received greater rewards. She also showcased testimonials from reputable individuals who had allegedly invested significant amounts and received timely profits, further boosting investor confidence.

To project an image of a large-scale company, Thúy established an Advisory Board, a Strategy Board, and various departments such as accounting, legal, and human resources. She hired individuals with state agency backgrounds to appear at company events and investor conferences, claiming they were advisors and investors receiving regular profits.

Embezzling Nearly 5,000 Billion VND from 13,980 Victims

In reality, Nhat Nam Company’s ventures in real estate, restaurants, and hotels were unprofitable and incurred losses. Undeterred, on November 21, 2022, and February 21, 2023, Thúy established Song Da Invest JSC and Song Da Nhat Nam Group JSC to raise capital through these entities.

The Strategy Board members—Trần Thiện Tâm, Trịnh Văn Tôn, Phạm Văn Tuyên, Nguyễn Văn Đức, Nguyễn Công Sơn, Nguyễn Văn Minh, Nguyễn Anh Tuấn, Nguyễn Quang Đại, Lê Văn Hảo, and Ngô Thị Quyên—were not founding members, did not contribute to the company’s capital, and were unaware of the projects or profits. Yet, they complied with Thúy’s directives to promote, market, train sales teams, and manage regional offices nationwide, disseminating false information to gain investor trust.

Thúy signed fictitious contracts worth billions to tens of billions of VND, issued strategic shareholder certificates to Strategy Board members, and instructed accountants to transfer “phantom” profit shares to these members. In return, the board members followed her instructions to earn sales commissions, bonuses, and salaries.

Using these schemes, from 2020 to 2023, Thúy and her accomplices secured 43,314 investment contracts totaling over 9,113 billion VND. Of this, 4,144 billion VND was used to repay principal amounts, while 4,968 billion VND (from 39,814 contracts involving 13,980 victims) was embezzled for personal use.

After misappropriating the funds, Thúy directed accountants to withdraw and transfer money from Nhat Nam Company’s accounts to personal accounts to conceal the illicit origins. She used 120 billion VND to purchase real estate and stocks through proxies, laundering the proceeds of her crimes.