Vo Xuan Truong during his temporary detention. Photo: Can Tho Police

On August 6, Truong, 46, was prosecuted and temporarily detained by the Can Tho City Police Investigation Security Agency. He faces charges of abusing democratic freedoms to infringe upon the interests of the State and the legitimate rights and interests of organizations and individuals, as stipulated in Article 331 of the Penal Code.

The charges stem from a dispute involving a 10 billion EUR transfer. Mekolor Joint Stock Company, with Truong serving as chairman of the board of directors, director, and legal representative, opened an account at Vietinbank's Can Tho branch. The company provided Vietinbank with documents for a 10 billion EUR transfer from its partner, Immobilien Partner GmbH (Germany), to its account. The transfer was purportedly made via Deutsche Bank (Germany) using payment message (MT103) and inquiry message (MT199) on 22/6/2021. Mekolor requested Vietinbank to process the receipt and transfer of this amount to its account.

However, Vietinbank conducted an inquiry but did not record the transfer message as provided by Mekolor. The bank simultaneously warned Mekolor about signs of fraudulent documents. Despite warnings from the bank and authorities about potential fraud, Mekolor did not accept their assessment. The company subsequently filed a lawsuit with the International Court of Arbitration (ICC), alleging that Vietinbank, with the State Bank of Vietnam's support, had misappropriated and used the 10 billion EUR.

Authorities determined that Truong, along with several individuals and related organizations, deliberately posted false information on various international websites and social media. These actions seriously affected the reputation and operations of state agencies and the banking system. This behavior previously resulted in an administrative penalty from the Can Tho City Department of Information and Communications for providing and sharing fake, false, distorted, and defamatory information that insulted the reputation of agencies and organizations, and the honor and dignity of individuals. Despite this, Truong continued to use the Facebook account "Philip Vo" to post and share numerous articles containing false and offensive information.

Truong gained public attention in mid-2025 when Mekolor, under the name of the Mekolor - Great USA alliance, submitted a proposal to the government. The proposal sought permission to independently mobilize 100% of the capital, approximately 100 billion USD, to invest in the North-South high-speed railway project without using state budget. However, in late 2025, at a meeting with leaders of ministries, sectors, and businesses regarding the North-South high-speed railway project, Standing Deputy Prime Minister Nguyen Hoa Binh stated that six businesses had been invited, but only five attended. The investor alliance of Mekolor and Great USA (US) did not appear at the meeting.

Mekolor was established in 2016, primarily focusing on trade promotion. It had a charter capital of one billion VND and four registered employees. Its headquarters was located in a modest house in a small alley on Ly Tu Trong Street, Kieu Ward, Can Tho City.

An Binh