Hai Phong police have arrested and charged Tran Huy Cuong, 42, from Gia Vien ward, with fraud and property appropriation.
Cuong is the CEO and chairman of the board of directors of Thuy Nguyen Trading Joint Stock Company. Since 2003, the company has been the investor of the Anh Dung IV Project, located in what is now Hung Dao ward.
Designed as a modern urban area with shell villas, the project does not sell land plots. Since 2004, many households signed contracts to purchase houses from the investor, making full payments according to the schedule, and received complete documentation, drawings, and house designs. The total amount paid was 85.6 billion VND. The investor also committed to handing over completed houses within 180 days of starting construction.
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Tran Huy Cuong and Pham Thi Thu Thao. Photo provided by the police |
Tran Huy Cuong and Pham Thi Thu Thao. Photo provided by the police
However, after 20 years, many buyers have yet to receive their houses and have filed complaints. The police determined that Cuong used 205 land titles at the Anh Dung IV Housing Project (including many belonging to those who had purchased homes) as collateral for loans totaling 910 billion VND from various banks.
In addition to bank loans, Cuong also borrowed more than 316 billion VND from Pham Thi Thu Thao, 40, from Le Chan ward, at interest rates ranging from 73% to 146% per year to repay bank loans. Thao is accused of illegally profiting over 10.6 billion VND from these loans.
Authorities have determined that, besides Cuong, Thao also provided high-interest loans to numerous individuals and organizations in Hai Phong, amounting to hundreds of billions of VND. The investigative agency requests that anyone affected by this case contact the Office of the Criminal Investigation Agency of Hai Phong City Police to provide relevant information at: 4 Le Dai Hanh, Hong Bang ward, Hai Phong, phone number: 0692.785.462.
The investigative agency has prosecuted and detained Thao under Article 201 of the Criminal Code.
Tung Lam
