On 2/12, Thai Nguyen Provincial Police announced they are investigating Tran Ngoc Sinh, 40, residing in Quyet Thang ward, for fraudulent appropriation of assets and tax evasion.

According to the police, Sinh established Mua chung Bat dong san Viet Nam Company in January 2021, serving as its general director and legal representative. During its operation, Sinh promoted a real estate co-investment and management policy, promising high profits. He pledged to pay monthly profits and offered attractive promotional policies with commission bonuses.

Tran Ngoc Sinh continuously advertised on social media to deceive investors. Photo: Mua chung BDS

Sinh actively called for and attracted investors to sign real estate investment and management contracts with Mua chung Bat dong san Viet Nam Company. Funds were transferred directly to Sinh.

Authorities allege that after receiving investment capital from investors, Sinh appropriated the funds for personal spending and debt repayment. He used funds from later investors to pay profits to earlier ones.

From January 2021 to April 2023, Sinh signed over 60 real estate investment and management cooperation contracts with 35 investors in Thai Nguyen province, appropriating over 6,5 billion dong. Currently, Sinh is no longer able to repay these funds.

To aid the investigation, the police urge any victims to contact the Economic Police Department for guidance and resolution of their rights.