On August 15, the Dak Nong Provincial Police Investigation Agency announced the conclusion of their investigation and forwarded the case to the Provincial People’s Procuracy, recommending the prosecution of Nguyen Thi Hong Dao (born 1990, resident of Dak Wer commune, Dak R’lap district, Dak Nong province) for fraud and appropriation of assets. Four other defendants were also recommended for prosecution for usurious lending in civil transactions.
The Investigation Agency has concluded their investigation and recommended the prosecution of Nguyen Thi Hong Dao.
According to the investigation’s conclusion, Dao had borrowed money from numerous individuals with short repayment periods and high-interest rates to fund her business ventures. However, her business endeavors consistently incurred losses, leading Dao into a spiral of debt, including both principal and accumulating interest.
To sustain her business and repay debts, Dao employed deceptive tactics from September 2020 to September 2022, fabricating a series of false information and offering attractive interest rates and profits to lure individuals into lending her money. She even impersonated bank officials and fabricated text messages between herself and these officials to create the illusion of loan requests for debt settlement on behalf of others.
Aside from the fraud and appropriation of 47 billion VND, Nguyen Thi Hong Dao also accumulated debts totaling 42 billion VND.
However, upon receiving the borrowed funds, Dao did not utilize them for the stated business purposes but instead repaid her existing debts and spent them on personal expenses, leading to a snowball effect of increasing debt.
The investigation further revealed that Dao had defrauded seven individuals, appropriating nearly 47 billion VND. Additionally, she owed over 42 billion VND in loans to 28 other individuals.
During the investigation, the agency identified four individuals in Dak R’lap district who had lent Dao a total of 5.7 billion VND with interest rates ranging from 100.26% to 200.75% per annum, resulting in illegal profits of nearly 1.2 billion VND.
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