On 11/9, Tam was arrested and detained by Dak Lak Provincial Police for alleged property fraud.

Do Thanh Tam at the time of his arrest. Photo: Ngoc Oanh

According to the investigation, in late 2016, Tam was the director of Hoang Gia Project Trading Investment Company Limited, later becoming the chairman and general director of Hoang Gia Project Group Joint Stock Company (Hoang Gia Company), headquartered in the former District 7, Ho Chi Minh City. He also established approximately 22 representative offices and branches in 16 provinces and cities. He organized seminars and conferences, inviting people to invest.

In these seminars, documents, and videos on various media platforms, Hoang Gia Company offered numerous loan packages with profit margins ranging from 83% to 96% over 13-15 months, along with other bonuses.

Tam also fabricated profitable projects and supermarket systems supposedly under the company's investment portfolio. He showcased numerous prestigious awards that he and the company had purportedly won to entice people to invest. According to the police, Tam purchased these awards to enhance his reputation and the company's credibility.

Furthermore, Tam spread false information about receiving a commendation from the Vice President for outstanding achievements in business.

The investigative agency determined that, using these tactics, from 2017 to 2019, Tam and Hoang Gia Company lured hundreds of people nationwide to deposit money under the guise of profit-generating investments. He used 10 bank accounts for transactions related to capital mobilization and business investment, with a total transaction value of approximately 2,800 billion VND.

In total, Tam misappropriated nearly 800 billion VND, leaving many people financially devastated. To date, 728 victims across the country have filed complaints against Tam and Hoang Gia Company.

The investigation is ongoing.

Tran Hoa