On 28/7, Hong, 54, her husband Nguyen Phu Thuan, 54, Nguyen Kim Phuong, 49, and Truong Quoc Thai, 49, appeared before the Tay Ninh Provincial People's Court, charged with fraud and property appropriation. Hong is accused of masterminding the scheme, which allegedly swindled over 486 billion VND (approximately $20 million USD), while the others are accused of being accomplices.
Hundreds of victims packed the courtroom. When Hong revealed her limited education during her personal information disclosure, a wave of gasps and outrage rippled through the crowd. The presiding judge called for order.
Due to the sheer number of victims, the court announced that questioning would proceed in groups, while others could follow the proceedings via video link.
The court began questioning the defendants in the afternoon and expects to deliver a verdict by the morning of 31/7.
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Nguyen Thi Cam Hong at the trial. Photo: Hoang Nam |
Nguyen Thi Cam Hong at the trial. Photo: Hoang Nam
The investigation revealed that Hong, a Ho Chi Minh City resident working in real estate, established Thien Phuc Real Estate Investment JSC in 2015, appointing her husband as director and legal representative.
Starting in 2017, Hong shifted to residential projects, hiring individuals to prepare documents and secure investment approvals and detailed planning permits. Her strategy involved selling completed projects to other investors, profiting from the price difference.
To raise capital, Hong advertised project details like location, size, and the number of plots or market stalls. She then partnered with real estate agencies to connect with potential buyers, using preliminary land-use right transfer contracts for individual plots or stalls.
Hong and her accomplices fabricated three projects in Duc Hoa district: Thien Phuc Hoang Gia Residential Area and Workers' Housing; Hung Thinh Cat Tuong Residential Area; and Dat Xanh Residential Area Improvement Project in My Hanh Nam commune. Despite obtaining initial investment approvals, they failed to complete land procedures or establish project escrow accounts. Instead, they created their own plot maps and valuations, which they provided to distribution companies for sales.
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Nguyen Phu Thuan at the trial. Photo: Hoang Nam |
Nguyen Phu Thuan at the trial. Photo: Hoang Nam
Investigators found that when plots in certain areas sold out, Hong falsely claimed to be launching phase two of the projects to continue collecting money. In one instance, she collaborated with seven real estate agencies to sell land for over 126 billion VND, despite not having official land allocation, ownership certificates, or construction permits for the one-hectare plot.
Between 2017 and 2020, 967 people signed 914 contracts, purchasing 850 plots and 64 business locations. They paid cash or transferred funds to accounts of three companies under Hong’s control: Thien Phuc, Hung Thinh Cat Tuong, and Dat Xanh. The defendants misappropriated over 486 billion VND, according to the indictment.
Nguyen Kim Phuong, representing Hung Thinh and Thien Phuc, signed 590 contracts, collecting over 209 billion VND. The remaining contracts were either signed directly by Hong or by employees forging the signatures of the companies' directors.
Payments were made in installments. The initial payment went to the real estate agency, while subsequent payments were made directly or transferred to the developer's account. Hung Thinh project had 695 victims who signed 914 contracts for 850 plots and 64 business points, transferring over 325 billion VND. Dat Xanh project had 195 victims with 261 contracts, totaling over 126 billion VND. Thien Phuc project involved 77 victims with 104 contracts and over 34 billion VND in transfers.
Hong managed the collected funds. She directed her husband and Truong Quoc Thai to transfer or withdraw cash for her personal use.
Many buyers, after transferring funds, never received their promised plots or stalls, leading them to suspect fraud and report the matter to authorities.
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Hundreds of victims present at the trial. Photo: Hoang Nam |
Hundreds of victims present at the trial. Photo: Hoang Nam
In late 2020, Long An (now Tay Ninh) Provincial Police launched an investigation and summoned Hong and her husband multiple times, but they had fled. After over two years, police apprehended them in Da Lat, Lam Dong province.
During the investigation, Hong and Thuan voluntarily surrendered seized and frozen assets to compensate victims.
Hoang Nam
