The People's Court of Da Nang is scheduled to open a three-day, hybrid (in-person and online) preliminary trial on 21/8. This trial will address the fraud and appropriation of assets case involving GFDI Investment Consulting Company Limited, with five defendants.

The defendants include: Nguyen Quang Hoang, 38, GFDI general director; Nguyen Do Dat, 34, GFDI finance director; Tran Thi My Hanh, 34, GFDI treasury department head; To Hong Tra, 35, GFDI headquarters transaction office director; and Tran Thi Kieu Trang, 38, GFDI headquarters transaction office deputy director.

The trial's scale is unprecedented in Da Nang. The court has designated the People's Court of Da Nang City headquarters as the central location for the trial of the five defendants, with the participation of two defense lawyers and 57 individuals with related rights and obligations.

Over 7,100 victims will participate online from the Tien Son Sports Palace remote site. Another remote site, at Trung Vuong Theater, is set aside for over 1,500 summoned individuals with related rights and obligations.

Nguyen Quang Hoang listens as a search warrant for his residence is read on 8/11. Photo: Provided by Police

According to case files, Nguyen Quang Hoang orchestrated capital mobilization by signing loan agreements with customers. He provided false information, claiming the funds would be invested in high-profit projects, including: the Lang Nghe restaurant chain, consumer goods production (Seneco, Enzy Food, K-Products), and film production.

The company offered attractive interest rates to draw in funds: one-month packages (1.5-2% interest per month), three-month packages (2.5% per month), six-month packages (3% per month), and nine months or more (3.5% per month, equivalent to 42% per year). At times, the company promised profits of up to 50% annually.

After receiving the money, Hoang did not invest it as advertised. Instead, he used the funds to cover operational costs, finance further loan solicitations, and repay principal and interest to earlier investors using money from later ones.

With assistance from Dat, Hanh, Tra, and Trang, Nguyen Quang Hoang mobilized over 2,407 billion VND from more than 7,100 customers.

In early November 2024, after Hoang announced the company's insolvency, hundreds of people gathered outside GFDI's headquarters demanding their money back.

Da Nang City Police subsequently launched an investigation.

Ngoc Truong