On 23/11, Ho Chi Minh City Police announced a supplementary investigation into the couple's actions for property appropriation fraud.

Three individuals are accused as accomplices in the case: Bui Van Vinh, 41, Director of Phu Quy Real Estate Investment Joint Stock Company; Tran Cat Tuong, 25, Director of Lava Smile Company; and Tang Khanh Tan, Director of Bao Nam Real Estate Services Joint Stock Company.

This group employed a consistent strategy: they misrepresented private homes as apartment projects, illegally added floors, and divided rooms. They then extensively advertised these units online under the name EcoHome to create a professional facade. Customers were shown model units and led to believe they were purchasing apartments, but upon signing, they received 50-year lease agreements. Brokers repeatedly assured them that full notarization would be provided, guaranteeing rights similar to a purchase agreement. Through this scheme, the group collected money from multiple individuals for the same unit, generating substantial cash flow which they then appropriated.

Mai Thai An and his wife Nguyen Thi Ngoc Giau. Photo: Bao Tran

Private house transformed into EcoHome Binh Thanh project

According to investigators, from 2020 to 2024, An and his wife held the land use rights certificate for the property at 530A Xo Viet Nghe Tinh, Thanh My Tay Ward (formerly Binh Thanh District). In June 2020, the District People's Committee issued a construction permit for a residential house comprising one basement floor, one mezzanine, and five upper floors.

Subsequently, An collaborated with Vinh and Toan to create a different design, adding one floor on paper and dividing the property into 57 rooms, an increase of 12 rooms compared to the permit. As the property deeds were mortgaged to a bank, An could not notarize any sales (which were, in reality, long-term leases).

To legitimize these transactions, An and Vinh arranged for Phu Quy Company, led by Vinh, to sign contract witness records. Following this, Vinh and his wife also commissioned their accomplices to instruct real estate agents to post advertisements online, offering cheap apartments for sale.

Employees from the real estate companies guided customers to view model units. Most customers believed they were making a purchase, only realizing it was a long-term (50-year) lease agreement upon signing the deposit. Throughout this process, the brokers continuously reassured and promised full notarization and complete legal documents, asserting that the rights would be similar to a purchase contract.

The accomplices in the case. Photo: Bao Tran

Many fell victim to the scheme

In 2023, after Phu Quy Company ceased its brokerage activities, An hired Tuong to establish Lava Smile Company. This company then witnessed and stamped contracts with its legal seal. However, authorities later discovered that this enterprise was not licensed for real estate business, operating instead in the medical and dental sectors.

From September 2023 to November 2024, Lava Smile Company witnessed four customer long-term apartment lease contracts at the aforementioned house. Additionally, An and his wife simultaneously signed sales contracts (long-term leases) for seven apartments, each with two different individuals, collecting money without handing over the units.

Investigators determined that An and Giau, through various real estate companies, signed a total of 57 long-term (50-year) lease contracts for this "project." For the illegally constructed floor, they signed sales contracts with nine people. The couple received over 50 billion dong in total, with Vinh receiving 1,2 billion dong and Tan 150 million dong.

Police also discovered that An and his group of accomplices carried out a second project, "EcoHome Quan 3," located on three plots of land on Cach Mang Thang Tam Street, Nhieu Loc Ward, District 3.

The Ho Chi Minh City Police Investigation Agency, located at 14 Doan Nhu Hai, Xom Chieu Ward, is calling on individuals and organizations who signed contracts, received units, or engaged in transactions related to the two EcoHome projects (Binh Thanh and District 3) to report their cases by 12/12.

Quoc Thang