Da Nang police arrest two for 430 billion VND real estate fraud

Da Nang police have arrested two executives from Cuong Hung Thinh Group Joint Stock Company in connection with a massive real estate fraud scheme. The suspects, identified as Deputy General Director Vo Thi Kieu Trinh and Sales Manager Nguyen Xuan Hiep, are being investigated for “fraudulent appropriation of property” under Article 174 of the Penal Code.

According to initial investigations, the suspects created a fictitious real estate project named the “Diamond Luxury Hotel, Apartment and Residential Area.” They used this non-existent project to consult, introduce, and sell land to numerous customers. Authorities estimate the initial amount misappropriated through this scheme exceeds 430 billion VND.

The arrest follows directives from Da Nang Police Director Major General Nguyen Huu Hop to crack down on businesses using real estate investment as a cover for fraudulent activities. Police are continuing to expand the investigation to clarify the roles and responsibilities of other involved organizations and individuals.