Fraud investigations in Vietnam

Authorities in Vietnam have arrested individuals in connection with separate large scale fraudulent appropriation of property schemes.

In Ca Mau province, police arrested Ho Thi Kieng, Director of Thien Phu Seafood Import-Export Processing Co., Ltd. Investigators allege Kieng defrauded multiple individuals of more than 34.8 billion VND. Between 2021 and July 2023, Kieng reportedly misled a local investor by using fraudulent purchase vouchers for non-existent shrimp transactions to misappropriate over 17.2 billion VND. She is also accused of defrauding a Ho Chi Minh City investor of over 17.6 billion VND by soliciting funds for a cultural tourism and medicinal plant project, then purchasing land in different locations and reselling it at a loss.

In Da Nang, police arrested Deputy General Director Vo Thi Kieu Trinh and Sales Manager Nguyen Xuan Hiep of Cuong Hung Thinh Group Joint Stock Company. The suspects are accused of defrauding customers of more than 430 billion VND by using a fictitious real estate project, the “Diamond Luxury Hotel, Apartment and Residential Area,” to sell land and misappropriate funds.

Da Nang police have since prosecuted the two executives for the crime of fraudulent appropriation of property. The arrests follow 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. Authorities are expanding the investigation to clarify the responsibilities of other involved organizations and individuals. Police have urged customers who paid for land at the Diamond project but have not yet reported the incident to contact investigator Doan Son Tung at the Economic Police Department.