On 31/7, after a 3-day trial, Cuong was convicted of fraud and misappropriation of property by the People's Court of Ho Chi Minh City and ordered to compensate victims over 134 billion VND.

As accomplices, Hoang Thi Hong, 47, received an 11-year sentence, and Nguyen Thi Hoa, 61, received 5 years.

Defendant Hoang Manh Cuong and accomplices in court. Photo: Hai Duyen

Defendant Hoang Manh Cuong and accomplices in court. Photo: Hai Duyen

The indictment stated that in 2017, Hoang Manh Cuong established Phat An Gia Company and Phat An Gia Investment Company. He then used these two companies to submit applications for investment licenses, establish projects, and divide plots in residential projects: Central House, Duong so 8, Long Phuoc, Vo Van Hat, Truong Luu, and Go Cat in the former District 9 area.

Although the projects had not been licensed or approved by authorities, Cuong hired someone to draw up plans dividing the land into 258 plots (52-100 m2 per plot). He falsely advertised that the projects had full legal standing to gain customers' trust. Cuong sold 140 plots to 115 customers, collecting over 144 billion VND, of which over 134 billion VND was misappropriated.

Authorities determined that Hong colluded with Cuong to purchase and register 6 agricultural land plots totaling over 6,400 m2, then handed them over to Phat An Gia Company for project development. Additionally, Hong assisted Cuong in signing 8 land transfer contracts with customers, misappropriating over 11.4 billion VND.

Hoa contributed funds with Cuong to purchase and register two land plots. She signed 5 deposit contracts with 3 customers, helping Cuong misappropriate over 4.6 billion VND.

During the investigation and trial, the defendants admitted to the offenses as stated in the indictment. Cuong confessed to his crimes. He claimed the money received from customers was used to buy land and pay bank interest, and he is now unable to repay them.

Hai Duyen