On 3/12, Lang Son provincial police announced the indictment of Nguyen Dinh Nam, 46, general director of Phuc Hoang Nguyen Group Joint Stock Company, based in Da Nang city, on charges of appropriating property by fraud.

Nguyen Dinh Nam at the time of his arrest. Photo: *Police provided*

According to initial investigations, in 2020, Nam claimed that Phuc Hoang Nguyen Group was developing a housing project in My Gia Urban Area - Package 8, Nha Trang city, Khanh Hoa province. He boasted of having 20 adjacent houses, initially priced at 3,3 billion VND each, which he offered at a "good price" of 3 billion VND per house to interested buyers.

However, police determined that the My Gia Urban Area - Package 8 project was still undergoing legal finalization and lacked the necessary conditions to execute house purchase contracts. The investor had not signed any house purchase or land use right transfer agreements for the 20 plots and adjacent houses with Phuc Hoang Nguyen Group Joint Stock Company. Believing Nam's false claims, many individuals transferred money to sign these contracts, including several victims from Lang Son.

Preliminary investigations indicate that Nam defrauded the public, appropriating tens of billions of VND.