On 23/7, the Dong Nai Provincial People's Court returned the case file to the prosecutor's office for supplementary investigation after a week-long trial concerning the fraudulent land sales operated by Loc Phuc Investment and Trading Joint Stock Company, headquartered in Ho Chi Minh City. The alleged mastermind, 33-year-old Nguyen Huu Tuong, headed the scheme.

The court identified several unclear aspects requiring further investigation. These include how Tuong's wife used the money during the period of the fraudulent activities, the role of the Nguyen Duy Tam Notary Office in Dong Nai province in certifying the fraudulent land transfer contracts, and the total financial damage caused by the scheme.

Nguyen Huu Tuong at the court hearing on 18/7. Photo: Phuoc Tuan

Nguyen Huu Tuong at the court hearing on 18/7. Photo: Phuoc Tuan

Tuong is accused of orchestrating a scheme that defrauded 165 customers of 255 billion VND. The defendants include Loc Phuc's management, sales managers, staff, legal and accounting personnel, and individuals hired as "decoys."

In 2020, Tuong established Van Phuc Real Estate Investment and Brokerage Limited Liability Company. Between April 2022 and August 2023, he hired 29-year-old Nguyen Van An to establish Loc Phuc and Green Link Real Estate Limited Liability Company, both based in Ho Chi Minh City. Tuong financed and directly managed all three companies.

Under Tuong's direction, employees of Loc Phuc and Green Link Real fabricated information and printed maps of non-existent residential projects in An Phuoc commune (formerly Long Thanh district), Song Thao, An Vien (formerly Trang Bom district), and Hung Loc (formerly Thong Nhat district).

The defendants used images and prices of attractive properties found online, reduced the prices, and falsely advertised them as their own. Sales staff purchased personal data to make unsolicited calls promoting these properties. The companies also hired "decoys" to pose as satisfied customers at promotional events.

Potential buyers were taken to view impressive but unrelated projects to entice them to sign contracts and make deposits. Loc Phuc required deposits of 60-70% of the listed land price, which was significantly inflated above market value.

Customers who couldn't complete the purchase lost their deposits. Those who paid in full were taken to a notary office in Long An commune, Long Thanh district, to sign contracts for different, less valuable plots of land without their knowledge.

Upon discovering the deception, buyers found the land they received was worth only about a third of the market price. Complaints were met with blame-shifting and denial of responsibility by the company's legal team.

In court, Tuong denied the fraud charges, claiming he was only guilty of misleading customers, and that his subordinates acted independently. However, sales managers and staff contradicted his testimony, asserting that Tuong was in charge, and they followed his instructions.

The victims expressed outrage at the elaborate "decoy" scheme and their frustration at being unable to recover their money.

Phuoc Tuan