The Tay Ninh Provincial People's Court will try Hong and her husband, Nguyen Phu Thuan (both 54), along with Nguyen Kim Phuong and Truong Quoc Thai (both 49), in July for fraud and embezzlement.

According to the investigation, Hong, a third-grade dropout residing in Ho Chi Minh City, worked in real estate. In 2015, she established Thien Phuc Real Estate Investment Joint Stock Company, appointing her husband as director and legal representative.

From early 2017, Hong shifted to investing in residential projects, hiring individuals to prepare documents and procedures for investment proposals and detailed planning approvals. After completing the investments, she transferred the entire projects to other investors to profit from the price difference.

Victims repeatedly reported the fraudulent activities to investigative authorities. Photo provided by residents

Victims repeatedly reported the fraudulent activities to investigative authorities. Photo provided by residents

To secure capital, Hong fabricated information about projects, including location, area, and the number of plots or kiosks. She then signed contracts with real estate agencies to market these projects to potential investors. The fundraising method involved signing preliminary contracts for the transfer of land use rights for individual plots or kiosks.

Hong and her accomplices fabricated three projects in Duc Hoa district: Thien Phuc Hoang Gia Residential Area and Worker Housing; Hung Thinh Cat Tuong Residential Area; and the Dat Xanh - My Hanh Nam commune residential renovation project. Despite receiving initial investment approval, these projects did not undergo proper land procedures or establish project escrow accounts. Hong and her accomplices created their own plot maps and valuations, providing these to distribution companies to sell to customers.

Investigators determined that when some locations ran out of plots, Hong falsely claimed a second phase of the project was underway to continue defrauding investors. In one instance, Hong collaborated with seven real estate brokerage firms to sell land for over 126 billion VND, despite the one-hectare plot lacking official land allocation, land use rights certificates, and necessary construction permits.

From 2017 to 2020, 967 individuals signed 914 contracts, purchasing 850 plots and 64 business locations. They paid cash or transferred money into the accounts of three companies managed by Hong: Thien Phuc, Hung Thinh Cat Tuong, and Dat Xanh, resulting in over 486 billion VND in losses.

Nguyen Kim Phuong (representative of Hung Thinh and Thien Phuc) signed 590 contracts, collecting over 209 billion VND. The remaining contracts were signed directly by Hong or by employees forging the signatures of the directors of the companies listed as project investors.

Depending on the total number of plots or kiosks, victims lost between over 100 million VND and nearly 2 billion VND. For example, a 49-year-old man from Binh Thanh district, Ho Chi Minh City, signed two contracts with Hong's group, totaling nearly 2.2 billion VND. Payments were made in installments; the first to the real estate agency and subsequent payments directly or via bank transfer to the investor's account.

The Hung Thinh project had 695 victims who signed 914 contracts, purchasing 850 plots and 64 business locations, transferring over 325 billion VND to the company. The Dat Xanh project had 195 victims who signed 261 contracts, transferring a total of over 126 billion VND. The Thien Phuc project had 77 victims who signed 104 contracts, transferring over 34 billion VND.

Hong managed the money collected from customers. She directed her husband and Truong Quoc Thai to transfer or withdraw the cash for her personal use.

Many people, after transferring money, contacted the company but did not receive their plots or kiosks. Suspecting fraud, they reported the incidents to the authorities.

In late 2020, the Long An (now Tay Ninh) Provincial Police initiated an investigation and summoned Hong and her husband for questioning multiple times, but they had fled. After over two years of searching, the police apprehended Hong and Thuan in Da Lat, Lam Dong.

During the investigation, Hong and Thuan voluntarily transferred the seized and frozen funds for restitution. Victims have filed lawsuits to recover their money, which the court is addressing through civil judgments and decisions.

Investigators identified Nguyen Thi Cam Hong as the mastermind, with the others acting as accomplices.

Employees of the three companies, who were unaware of the fraudulent activities, were not prosecuted.

Hong and others involved also show signs of money laundering. Individuals within the relevant state management agencies who approved the three projects show signs of negligence causing serious consequences. Investigators have separated these aspects into a separate case for further investigation.

Nam An