On 21/1, the Ho Chi Minh City People's Court convicted Thach of fraudulent appropriation of property. As accomplices, Hoang Anh Tuan received 13 years and six months, and Tran Danh Quan received 12 years and six months for the same offense.

The verdict stated that around June 2022, Thach learned about scams on social media where individuals impersonated bank employees to offer preferential loans and defraud people. He decided to replicate this scheme, purchasing personal data (full name, address, phone number) of 5,000 individuals for 3,000 dong per piece of information.

Thach then rented a three-story house on Tran Quang Qua street in the former Tan Phu district, invested in electronic equipment, and recruited approximately 80 employees to pose as bank staff. He appointed Hoang Anh Tuan, his brother-in-law, and Tran Danh Quan as managers to oversee the consultation process.

Nguyen Hong Thach and his accomplices during a court appearance last year. Photo: Hai Duyen

Daily, Thach provided customer lists to Tuan and Quan, who then assigned employees to call prospective clients. They offered loans ranging from 20 to 100 million dong at a 0% interest rate. Borrowers were required to pay an "insurance fee" between 1,7 and 3,8 million dong, depending on the loan amount.

When customers agreed, the group requested their information and documents to "process loan applications." They subsequently sent fake contracts and bank cards via express delivery, instructing post office employees to collect the "insurance fee" in cash, which they then appropriated.

To build trust, Thach instructed his team to include cheap gifts, such as leather wallets and glasses, with the deliveries. When the payment was due, Thach used fake identification to collect the collected funds from the post office, further appropriating the money.

On 26/9/2022, police conducted an administrative inspection of the house on Tran Quang Qua street, catching Thach and his accomplices in the act of fraud.

Nguyen Hong Thach's employees at the time of their arrest in the house in Tan Phu district. Photo: Nhat Vy

The investigation revealed that approximately 2,169 individuals registered for loans, and 2,151 victims across the country paid the "insurance fees." Thach and Tuan collected nearly 4,3 billion dong in total from post offices. However, authorities could only engage with over 400 victims.

In February 2025, Thach and the other defendants were brought to trial, but the court returned the case file for further investigation. The People's Procuracy subsequently maintained its original indictment.

The 80 employees Thach hired did not sign labor contracts. They were promised salaries of 3,5 to 6 million dong per month, but some never received payment. They impersonated bank employees at Thach's request and were unaware of his alleged bank affiliation, leading investigators not to pursue criminal charges against them.

In court today, Thach and his accomplices admitted to the criminal acts as charged in the indictment.

Hai Duyen