Vu Ngoc Cuong sentenced for 3.2 billion VND banking fraud

The Hanoi People's Court has sentenced Vu Ngoc Cuong, 33, to a total of 17 years and 6 months in prison for fraud and forging documents of agencies and organizations. The sentencing follows a scheme where Cuong defrauded a woman of 3.2 billion VND.

Cuong met the victim through a Zalo group and posed as an employee of PVcombank. He convinced her to deposit funds by promising interest rates of 7.4% per annum, which was higher than standard market rates. To facilitate the theft, Cuong registered the victim's online banking services using his own phone number to intercept OTP codes and balance notifications, allowing him to transfer her money to his personal accounts without her knowledge.

To maintain the deception, Cuong commissioned the creation of six counterfeit PVcombank savings books. The victim only discovered the fraud in April 2024 when she attempted to verify the books at a bank branch and found they were not in the system. Cuong, who has a prior criminal record for fraud, has reportedly repaid 2.1 billion VND of the stolen amount.