On December 4th, the Lang Son Provincial Police Department announced that their investigative agency has initiated legal proceedings, pressing charges and detaining Nguyen Dinh Nam (46 years old), CEO of Phuc Hoang Nguyen Group Joint Stock Company, located at 77A/7 Le Do Street, Thanh Khe Ward, Da Nang City. Nam is under investigation for “fraudulent appropriation of property.”
According to the investigation, in 2020, Nam, acting as CEO of Hoang Nguyen Company, was involved in the construction of a housing project in the My Gia Urban Area Package 8, Vinh Thai, Nha Trang Ward (formerly Nha Trang City), Khanh Hoa Province. He allegedly exchanged 20 adjacent houses at a price of 3.3 billion VND per unit.
Police authorities serve an arrest warrant to Nguyen Dinh Nam.
Nam promised to sell these properties at a discounted “friendly” price of 3 billion VND per unit to interested individuals and organizations. Trusting Nam’s claims, many individuals transferred funds and signed purchase agreements for the aforementioned properties, including victims from Lang Son Province.
However, at that time, the My Gia Urban Area Package 8 project was still in the process of completing legal procedures and was not yet eligible for signing sales contracts. The project developer had not entered into any sales agreements or land use rights transfer contracts with Phuc Hoang Nguyen Group Joint Stock Company for the 20 plots and adjacent houses.
The Investigative Police Agency determined that Nam defrauded and appropriated tens of billions of VND. The Lang Son Provincial Police are continuing to expand the investigation and handle the case according to the law.
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