On 12/3, the Thai Nguyen Provincial Police Department announced that its investigative police agency had concluded the investigation and recommended the prosecution of Sinh, 41, former general director of Vietnam Shared Real Estate Investment Joint Stock Company, for tax evasion and fraudulent appropriation of property.

According to the findings, Sinh established Vietnam Shared Real Estate Joint Stock Company in 1/2021, serving as its general director and legal representative. He then exploited the surge in investor participation during a booming real estate market to carry out his criminal activities.

Specifically, Sinh encouraged investors to sign contracts and contribute capital to properties he had already mortgaged with banks.

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

To gain the trust of investors and secure their funds, Sinh, using the company's name, created various documents. These included "Vietnam Shared Real Estate shares business cooperation opportunities," "Profit commitment policy," and a "Profit sharing analysis table."

The general director committed that the company would invest in real estate transactions and pay investors a monthly profit of 13-18% throughout the contract term.

Investigators accused Sinh of promising investors that upon the conclusion of their contracts, in addition to the monthly profits already paid, the company would refund 100% of their initial investment or compensate them with real estate.

However, after receiving capital contributions from victims, Sinh misappropriated the funds. He used the money for personal expenses, to repay personal debts, and to pay returns to earlier investors using money obtained from subsequent victims.

The police determined that through this scheme, Sinh utilized information from 18 properties located in Thai Nguyen province to sign 73 cooperation contracts.