An Giang Provincial Police have prosecuted Thai Huy Phong, 50, residing in TP HCM, and Tran Nhat Truong, 48, residing in Rach Gia, on 21/9, for fraudulent appropriation of assets.

The two defendants served as directors of several businesses registered for various sectors. However, these businesses were not actively operating, primarily offering services and real estate brokerage.

Phong is currently detained by Can Tho City Police in connection with an unrelated case.

Thai Huy Phong (left) and defendant Tran Nhat Truong at the investigative agency. Photo: Duong Dong

Thai Huy Phong (left) and defendant Tran Nhat Truong at the investigative agency. Photo: Duong Dong

According to the ongoing investigation, the scheme began in 2023. Truong identified an opportunity when many individuals and organizations expressed interest in investing in public land areas within Giang Thanh, Kien Luong, and Hon Dat districts of Kien Giang province. He then discussed with Phong the possibility of handling the necessary administrative procedures for these investments.

Phong allegedly claimed to possess strong government connections and the ability to "run" projects. Before any contracts were signed, Truong would provide diagrams and drawings of the land plots for Phong to review and confirm their feasibility.

Subsequently, Truong proceeded to sign service contracts with eight individuals, collecting over 13 billion VND. The investigative agency alleges that Phong and Truong lacked the capability to fulfill their promised commitments, yet they divided the collected funds for personal expenses.

The investigation into the case is currently being expanded.

Ngoc Tai - Duong Dong