Nguyen Dinh Nam at the time of his arrest – Photo: Provided by the Police
On December 3rd, the Lang Son Provincial Police Department announced that they had issued an indictment against Mr. Nguyen Dinh Nam (46 years old, CEO of Phuc Hoang Nguyen Group Joint Stock Company, headquartered in Da Nang City) for investigation on charges of Fraud to Appropriate Property. This legal action follows an expanded investigation into investor complaints regarding real estate transactions in Khanh Hoa Province.
According to initial investigation records, the case originated in 2020, a period of significant volatility in the real estate market. Mr. Nguyen Dinh Nam announced that Phuc Hoang Nguyen Group was developing a housing project in the My Gia Urban Area – Package 8 (located in Nha Trang City, Khanh Hoa Province). To raise capital, the CEO claimed ownership of 20 adjacent houses in the aforementioned project, valued at approximately 3.3 billion VND per unit.
To encourage swift investment from individual and institutional investors, Mr. Nam offered substantial discounts, promising a “competitive price” of only 3 billion VND per adjacent house for early transactions. Trusting the company’s reputation and the CEO’s profit guarantees, many individuals, including victims residing in Lang Son Province, transferred funds to sign property purchase agreements.
However, legal verification by the Lang Son Provincial Police revealed a stark contrast to Mr. Nam’s claims. At the time of capital raising, the My Gia Urban Area – Package 8 project was still in the process of completing basic legal procedures and did not meet the conditions for commercial sales as stipulated by the Law on Real Estate Business.
The investigation also clarified that the actual developer of the My Gia project had never signed any investment cooperation, housing sales, or land use rights transfer agreements with Phuc Hoang Nguyen Group Joint Stock Company for the 20 land plots and adjacent houses in question. Thus, the inventory Mr. Nguyen Dinh Nam advertised and accepted deposits for lacked legal ownership.
As of the indictment, the police determined that Mr. Nguyen Dinh Nam had fraudulently appropriated a total of tens of billions of VND from investors. The Lang Son Provincial Police are continuing to expand the investigation to trace the funds and identify related individuals for legal processing.
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