Nguyen Ngoc Vang, a 36-year-old former employee of Asia Commercial Bank (ACB), is scheduled to stand trial at the Ho Chi Minh City People's Court on 28/7/2023, facing charges of fraudulent appropriation of property.
Simultaneously, Nguyen Van Hanh, a director of a plastic trading company, along with Le Long Hau, 30, and six other individuals who loaned money to Vang, have been prosecuted for usury in civil transactions.
Two additional individuals face similar charges, with their cases transferred to People's Court Area 3 for handling.
According to the indictment, Vang's scheme began in 2023 after he purchased a house in My Hanh commune, Tay Ninh province. To finance the purchase, Vang borrowed 1,2 billion VND from Nguyen Thi Lan. He intended to mortgage the property to repay this debt, but a low appraisal value and delayed loan disbursement left him insolvent.
This financial predicament led Vang to devise a fraudulent plan. Leveraging his position at ACB, where he managed numerous loan and savings clients, Vang falsely claimed he needed funds for "bank rollover services." He promised daily interest rates ranging from 0,3% to 0,5% to gain trust.
Instead of using the money for bank rollovers, Vang operated a Ponzi scheme, using funds from new lenders to repay earlier ones. From July 2023 to late 2024, Vang allegedly borrowed tens of billions of VND from multiple individuals. Within the scope of this specific case, Vang is accused of fraudulently appropriating over 28,5 billion VND from seven people.
Prosecutors determined that Nguyen Van Hanh provided 13 loans to Vang, totaling 12,5 billion VND, over periods ranging from a few days to two months. The interest rates on these loans varied from 182% to 438% annually, resulting in Hanh illicitly profiting over 3,2 billion VND.
Le Long Hau also loaned Vang a total of over 19,6 billion VND through multiple transactions. Hau charged daily interest rates between 2,3% and 3,5%, equivalent to 839% to 1,277% per year. Hau is accused of illicitly profiting over 1,7 billion VND.
Hai Duyen
