The People's Court of TP HCM on 5-6/8 heard the case against Quach Moc Tan, Director of An Lac Tan Company, and his co-conspirators, including Nguyen Tan Hoa, Deputy Director, and Tang Quang Son and Nguyen Lai, directors of brokerage firms Quang Son Company and Thien Loc Land Company. They face charges of fraud and appropriation of property, with Tan also accused of money laundering. Prosecutors allege that since 2020, Tan and his associates misled hundreds of customers by advertising non-existent land projects and social housing apartments that were not eligible for transaction. This scheme led to the embezzlement of over 371 billion VND. While more than 58 billion VND has been repaid, over 315 billion VND remains unrecovered. Of the 265 identified victims, over 304 billion VND was embezzled, with nearly 260 billion VND still outstanding. Authorities noted that many more customers, whose combined losses exceed 67 billion VND, have not yet filed complaints.

To execute the scheme, Tan fabricated a legal facade. He entered into numerous agreements—for cooperation, share transfers, investment, and consulting services—with businesses and individuals regarding various land plots. Crucially, Tan never fulfilled these commitments. He proceeded to create subdivision maps and 1:500 scale diagrams for non-existent projects, advertising and selling them through brokerage firms. This occurred despite incomplete land transfer procedures, a lack of project approval, and no investment policy approval. Furthermore, he did not possess land use rights for the plots, and the social housing apartments were ineligible for transaction. The fraudulent projects were named An Lac Riverside, Tran Dai Nghia, Tan Tuc, No Trang Long, and included Block A2 and Block A3 of The Western Capital project in former District 6. Tan and Hoa then used An Lac Tan Company or brokerage firms to sign capital contribution, principal, and deposit contracts, thereby collecting payments from unsuspecting customers.

Defendant Quach Moc Tan and his accomplices in court today. Photo: Binh Nguyen

Specifically, Tan faces accusations of unilaterally signing agreements to transfer social and commercial apartments in Block A2 and A3 of The Western Capital project, developed by Hoang Phuc Company. This action alone resulted in the embezzlement of 133 billion VND from 236 customers, with 161 filing formal complaints. Investigations showed that An Lac Tan Company lacked authorization from the developer to sell Block A2 social housing units, which also had no approved sale prices from the Department of Construction. Block A3, moreover, did not possess a construction permit. Despite these critical deficiencies, Tan proceeded to sell these apartments, either directly or through brokers. He is also accused of fabricating apartment codes, sizes, and prices that contradicted actual plans, then instructing An Lac Tan and Thien Loc Land Company to advertise these false details. Numerous customers, believing these advertisements, proceeded to sign deposit contracts and transfer money.

Nguyen Tan Hoa, Tang Quang Son, and Nguyen Lai are implicated for their roles in assisting Quach Moc Tan. They facilitated the sale of social housing, non-existent apartments, and the "ghost" projects through their extensive brokerage networks. Hoa is accused of helping embezzle over 79 billion VND, Son over 112,9 billion VND, and Lai over 53,9 billion VND. Furthermore, Tan faces a money laundering charge, accused of using one billion VND from the fraud to acquire land in his name and then investing it in a business venture to legitimize the illicit proceeds.

Victims attending the trial. Photo: Binh Nguyen

In court, the defendants admitted their guilt. Tan apologized to the victims, acknowledging the hardship his actions inflicted upon their families. Victims have requested full compensation for embezzled funds and accrued interest. Social housing buyers who dealt with An Lac Tan Company specifically demanded that Hoang Phuc Company either finalize sales contracts or refund their money with interest. However, a Hoang Phuc Company representative explained that contracts could not be signed as many apartments lacked price approval from the Department of Construction, and the developer had not directly received payments from these customers. After hours of questioning, the prosecution recommended life imprisonment for Tan, Son, and Hoa, and 20 years in prison for Lai, on charges of fraud and appropriation of property. Tan also faces an additional recommendation of 11-12 years in prison for money laundering. The court, after considerable debate, decided to continue the questioning phase in the session scheduled for tomorrow.

Hai Duyen