Activities of Tran Ngoc Sinh. Photo: Thai Nguyen Provincial Police
On December 2, the Thai Nguyen Provincial Police Department announced that they are expanding the investigation into a criminal case involving Mr. Tran Ngoc Sinh (40 years old, residing in Quyet Thang Ward, Thai Nguyen City).
Mr. Sinh serves as the CEO and legal representative of Vietnam Real Estate Joint Purchasing Company. Authorities have determined that he engaged in Fraudulent Appropriation of Property and Tax Evasion between 2021 and 2023.
According to investigative records, Mr. Sinh established Vietnam Real Estate Joint Purchasing Company in January 2021. Shortly after its inception, the company launched financial product packages under the guise of investment partnerships.
Activities of Tran Ngoc Sinh. Photo: Thai Nguyen Provincial Police
Specifically, Mr. Sinh introduced a “joint purchasing” and real estate management policy, promising high profits significantly above market averages to attract funds from individual investors.
To enhance the liquidity of this capital-raising channel, CEO Tran Ngoc Sinh committed to monthly profit payments. Additionally, the company implemented commission rewards and promotional policies to encourage investors to swiftly commit funds and sign contracts. Notably, investor contributions were directly transferred to Mr. Sinh for management.
Preliminary investigation results indicate that the company’s business model exhibits classic signs of a Ponzi scheme. After receiving contributions, Mr. Sinh did not use the funds for profitable real estate ventures as promised but instead spent them on personal expenses, debt repayment, and partially used later investors’ funds to pay profits to earlier participants to maintain trust.
Police data reveals that from January 2021 to April 2023, Tran Ngoc Sinh signed a total of 60 real estate investment and management contracts with 35 investors in Thai Nguyen Province. The total alleged misappropriated amount exceeds 6.5 billion VND. Currently, the suspect has completely lost the ability to repay principal and interest as committed.
To protect investors’ rights and support the investigation, prosecution, and trial process, the Economic Police Department of Thai Nguyen Provincial Police urges affected individuals and organizations to contact the department directly to report and cooperate in resolving the case as per legal regulations.
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