On 11/8, Pham Thi My Hanh, 45, is scheduled to stand trial at the Hanoi People's Court on charges of "fraudulent appropriation of property." Hanh has two prior convictions for illegally accessing computer networks, telecommunication networks, the Internet, or others' digital devices.

Hanh's fraudulent activities came under police scrutiny in 2023 after multiple individuals filed complaints. My Hanh Group, established in 2017, operated under her sole direction despite having many listed shareholders who merely "lent" their names to the company.

In 8/2020, Hanh organized a series of workshops to promote Ngoc Linh ginseng cultivation and care projects in Kon Tum and Quang Nam. To build investor confidence, Hanh presented images of signing contracts with foreign partners, displayed commendation certificates, and showed videos and photos with influential individuals.

Hanh solicited investments through three types of agreements: share transfer, Ngoc Linh ginseng investment cooperation, and loan agreements. She promised returns of up to 48% annually, with monthly interest payments until the contract's expiration.

Attracted by the high returns, victims trusted Hanh and continued to invest. However, prosecutors allege Hanh used money from new investors to pay earlier ones, maintaining confidence and prolonging the fraud.

Investigators determined that Hanh signed over 3,600 contracts with 1,213 investors between 2020 and 2023, collecting 1,279 billion dong. Of this amount, she repaid 441 billion dong in principal to 814 investors, 164 billion dong in interest to 1,053 individuals, and issued 34 billion dong in vouchers. Currently, 1,093 investors are still awaiting full settlement, with outstanding funds totaling over 850 billion dong.

Pham Thi My Hanh, Chairwoman, before her indictment. *Photo: My Hanh Group*

Hanh established a system of intermediary team leaders to recruit new victims. She offered direct commissions to these intermediaries, ranging from 3% to 12% of each successful contract. The total commissions paid to this network exceeded 158 billion dong.

A notable example is intermediary Pham Thanh Tung, who brokered 2,422 contracts for 740 investors, receiving over 98 billion dong in commissions. Many intermediaries initially invested themselves, then, seeing timely interest payments, referred relatives and acquaintances to participate and earn commissions.

Authorities accuse Hanh of withdrawing the illicit profits for personal use. This included 125 billion dong used to deposit and purchase numerous properties in central Hanoi, Quang Ninh, and Phu Quoc, as well as two luxury cars. Tung is currently not at his registered residence, and his whereabouts are unknown. Authorities lack sufficient grounds to consider charges against him in this case.

Hai Thu