After 4 days of trial, the Long An People's Court sentenced Hong to life imprisonment on July 31 for her role in the large-scale fraud scheme. The case garnered significant public attention due to the sheer number of victims, nearly 1,000. Those unable to fit in the main courtroom watched the proceedings via video link in a nearby cultural center.

Hong and her sister, Nguyen Thi Kim Phuong, were absent from the sentencing due to health reasons.

The court stated that the defendants' actions demonstrated a blatant disregard for the law, causing significant financial harm and widespread public anxiety. Hong, identified as the mastermind, received the maximum sentence for the crime.

Hong’s husband, Nguyen Phu Thuan, and her sister, Phuong, received 20-year sentences. Another accomplice, Truong Quoc Thai, was sentenced to 7 years.

The court ordered the defendants to fully compensate the victims.

Nguyen Phu Thuan and Truong Quoc Thai listen to the verdict. Photo: Hoang Nam

Nguyen Phu Thuan and Truong Quoc Thai listen to the verdict. Photo: Hoang Nam

According to the indictment, Hong, a Ho Chi Minh City-based real estate entrepreneur, established Thien Phuc Real Estate Investment JSC in 2015, appointing her husband as the legal representative. In early 2017, she shifted her focus to residential projects, hiring individuals to prepare investment proposals and detailed planning documents. She would then transfer these projects to other investors, profiting from the difference in price.

To raise capital, Hong disseminated information about the location, size, and number of plots and kiosks within three fictitious projects in Duc Hoa district, Long An province: Thien Phuc Hoang Gia Worker Housing and Residential Area, Hung Thinh Cat Tuong Residential Area, and Dat Xanh Residential Area Improvement Project (My Hanh Nam commune). She then contracted with real estate agencies to reach potential buyers, using preliminary land-use rights transfer agreements.

Although the projects had received initial investment approval, the necessary land procedures and deposit requirements were not fulfilled. Despite this, Hong proceeded to divide the land into plots, set prices, and distribute them through real estate companies.

After selling out certain areas, Hong falsely claimed to be developing a second phase to further defraud investors. In one instance, she contracted with 7 brokerage firms to sell one hectare of land, collecting over 126 billion VND, even though the land had not been officially allocated by the government, nor had any construction permits been issued.

Between 2017 and 2020, 967 victims signed 914 contracts, purchasing 850 plots and 64 kiosks. They paid cash or transferred funds totaling over 486 billion VND to three companies under Hong’s control: Thien Phuc, Hung Thinh Cat Tuong, and Dat Xanh.

Phuong, representing Hung Thinh and Thien Phuc, signed 590 contracts, amassing over 209 billion VND. The remaining contracts were either signed directly by Hong or by employees forging her signature.

Payments were made in installments. The initial payment went to the real estate agencies, while subsequent payments were made directly or transferred to the developer's account. The Hung Thinh project had 695 victims who signed 914 contracts, purchasing 850 plots and 64 kiosks, transferring over 325 billion VND to the company. The Dat Xanh project had 195 victims who signed 261 contracts, transferring over 126 billion VND. The Thien Phuc project had 77 victims who signed 104 contracts, transferring over 34 billion VND.

Hong managed the funds received from buyers. She instructed her husband and Thai to transfer or withdraw cash for her personal use.

When buyers failed to receive their purchased properties, they reported the fraud to the police. In late 2020, the Long An (now Tay Ninh) Police Department initiated an investigation. Hong and her husband fled their residence and were apprehended over two years later in Da Lat (Lam Dong).

Nguyen Thi Cam Hong at a previous court hearing. Photo: Hoang Nam

Nguyen Thi Cam Hong at a previous court hearing. Photo: Hoang Nam

During the investigation, Hong and Thuan voluntarily surrendered seized and frozen assets to partially compensate the victims.

Further investigation into potential money laundering charges against Hong and related individuals, as well as negligence charges against officials involved in approving the three projects, is ongoing.

Hoang Nam