La Quoc Truong, 40, Chairman of the Board of Directors of Capel Group Joint Stock Company, along with Vu Duc Tinh, 45, Director of Thai Tuan Trading Service Company Limited, and three other individuals, face accusations from the Ho Chi Minh City People's Procuracy for two crimes: "Fraudulent appropriation of assets" and "Money laundering."

The indictment states that Truong played the leading role as mastermind, while Tinh actively assisted in illegally raising capital. They defrauded over 4,800 investors, collecting 702 billion VND through Capel Group Joint Stock Company, and subsequently appropriated 420 billion VND.

Authorities determined that after raising and embezzling funds from thousands of investors, Truong and Tinh used, converted, and concealed the origin of this money. Their methods included purchasing real estate in various locations, registering properties under others' names, and using bank accounts of relatives and employees to disperse the funds.

Specifically, Truong used over 166 billion VND to acquire real estate, cars, and shares. Tinh, meanwhile, utilized nearly 85 billion VND received from Capel to invest in assets and settle personal debts.

La Quoc Truong (left) at the investigation agency. Photo: Police provided

**Illicit Funds Used for Real Estate, Luxury Cars, Shares**

Investigators determined that La Quoc Truong spent a total of over 166 billion VND. This sum included over 100 billion VND from his personal account and nearly 66 billion VND from Capel Company's account. These funds were used to make deposits and purchase real estate and other assets, often registered under the names of relatives or authorized individuals.

For example, Truong spent 12 billion VND as a deposit to buy a house on Street 62, Thanh My Loi Ward, Thu Duc City (now Cat Lai Ward), intending it as Capel Company's headquarters. He also used 5 billion VND to purchase a cadillac car from Tinh, registered under the company's name. After the company ceased operations, Truong sold this car to another individual.

Truong also allocated 4 billion VND as a deposit for two houses in Dong Da District, Hanoi, and nearly 9.74 billion VND to buy a villa within The Eden Rose project in the former Thanh Tri District. Both properties were later resold.

In Kien Giang, Truong used over 3.2 billion VND to purchase 9.5 hectares of land through a notarized agreement. Additionally, he spent 3.5 billion VND to acquire six land plots in the former Chau Thanh District, Long An Province. The land use right certificates were subsequently updated to Truong's and Capel Company's names. When the company stopped operating, Truong resold them.

Truong further used 30 billion VND to purchase 100% of the shares in Phuc Khang Investment, Trading and Service Joint Stock Company, linked to a medicinal plant cultivation project in the former Mang Den, Kon Tum Province. This project was later revoked by competent authorities.

Beyond these assets, Truong also used nearly 66 billion VND from Capel Company's account to buy real estate in Thanh Hoa, Nghe An, and other locations.

The investigation revealed that Truong sold many of these assets before the case was initiated.

Graphics using AI illustrate the money flow defendants used for "money laundering." Photo: Hai Duyen

Regarding Vu Duc Tinh, prosecutors determined he received a total of nearly 85 billion VND, originating from funds Capel raised from investors. Tinh used this entire amount to purchase real estate, invest in projects, and settle personal debts, all to conceal the illegal origin of the assets.

Specifically, Tinh used nearly 27 billion VND, transferred from the accounts of three other individuals, to pay for a series of properties from a real estate broker in Phu Quoc.

After Tinh was prosecuted and arrested by Hanoi Police in a separate case, seven properties were transferred to Ms. Thanh, who lived with Tinh as his wife. These included six land plots totaling over 20,900 square meters in Chau Thanh District, Long An (now Tay Ninh).

Through a broker, Ms. Thanh sold these land plots for 2 billion VND and asked Tinh's younger brother to deposit the money into a temporary holding account at Hanoi Police to mitigate the consequences.

According to the prosecution, Truong and Tinh's use of money derived from criminal acts to purchase, transfer assets, and settle investments, aimed at concealing the illegal origin of the funds, constitutes the crime of money laundering.

**No Assets Remaining for Restitution**

During the investigation, Truong admitted to his actions, stating he used investor funds for real estate investments, projects, and personal expenses. He currently possesses no assets to compensate for the damages.

The Ho Chi Minh City Police Investigation Agency verified the defendants' asset information and sought to recover them to ensure restitution obligations. However, to date, there is no information indicating Truong or Capel Company owns, manages, or uses any real estate.

Ms. Thanh, an individual with related rights and obligations, submitted 652 million VND along with all documents related to a land plot of over 95,100 square meters in Phu Quoc. This plot was purchased with funds Truong transferred at Tinh's request and later registered under Capel Company's name.

Authorities continue to demand that all related individuals and organizations hand over any assets originating from Truong and Tinh's criminal activities.

Hai Duyen