Ho Chi Minh City People’s Court opens trial on major bank fraud case

The Ho Chi Minh City People's Court on March 5 began the first-instance trial on a major case involving property developer Van Thinh Phat Group, Saigon Commercial Bank (SCB) and relevant units.

Ho Chi Minh City People’s Court opens trial on major bank fraud case -0
Security is tightened at the court (Photo: VNA)

The Ho Chi Minh City People's Court on March 5 began the first-instance trial on a major case involving property developer Van Thinh Phat Group, Saigon Commercial Bank (SCB) and relevant units. 

Truong My Lan, Chairwoman of the Van Thinh Phat Group, stood accused of embezzlement, giving bribes, and violating regulations on banking and related activities.  

Other 85 defendants, including former leaders and officials of SCB, the State Bank of Vietnam, the Government Inspectorate, the State Audit Office, were charged with embezzling property, accepting bribes, abusing positions and power while performing duties, showing the lack of responsibility causing serious consequences, violating regulations on the operations of credit institutions and banking activities, and abusing trust for property appropriation.

According to the indictment of the Supreme People's Procuracy, Lan built a network of about 1,000 subsidiaries and affiliated companies under the Van Thinh Phat umbrella, entrusting their management to relatives. Despite not holding any official position at SCB, Lan was its major shareholder, controlling between 85% and 91.5% of the shares. She and her accomplices created fake loan records to withdraw money from SCB for personal use.

From October 9, 2018 to October 7, 2022, Lan directed the creation of 916 fake loan records, appropriating more than 304 trillion VND (12.6 million USD) from SCB. The bank now remains unable to recover the sum and has accrued over 129,372 trillion VND in interest on the outstanding amount.

Lan was also accused of giving bribes to the State Bank of Vietnam inspection team to cover up her wrongdoings at SCB and facilitate the bank’s restructuring,

She also appeared as a victim in the case against Nguyen Cao Tri, Chairman of the Board of Directors of Van Lang Company and Capella Company. Tri was charged with abusing his trust to attempt the misappropriation of 1 trillion VND from Lan.

Of the 86 defendants brought to trial, 70 are in custody while 11 are on bail. Five others, including former leaders of SCB and its branches, remain wanted.

The trial is scheduled to last till April 29.

VNA

Other News

Hanoi ready to implement Capital Law 2026, unlocking new development momentum

Hanoi ready to implement Capital Law 2026, unlocking new development momentum

The effectiveness of the Capital Law 2026 will be measured not by the number of legal documents issued but by tangible improvements in governance and public administration, better services for people and businesses, faster administrative procedures, stronger investment attraction and higher economic growth.

Vietnamese students earn honours at ROBOG Asia Cup 2026

Vietnamese students earn honours at ROBOG Asia Cup 2026

Three teams from Chu Van An Secondary School in Vietnam’s Thai Nguyen province have earned First Prize honours and advanced to the quarterfinals at the ROBOG Asia Cup 2026, a regional robotics and artificial intelligence (AI) competition for students held in Hong Kong, China.

Hanoi sets out new investment blueprint with century-long development vision

Hanoi sets out new investment blueprint with century-long development vision

As of early June, Hanoi had attracted 74.6 billion USD in foreign direct investment (FDI) through more than 9,250 valid projects. FDI inflows in the first six months were projected at 3.2 billion USD, surpassing the annual target by 116%, while nearly 16,000 new businesses were established in the first five months, up 34.4% year-on-year.

Vietnam promotes legal cooperation and rule of law at global forum

Vietnam promotes legal cooperation and rule of law at global forum

Vietnam’s development and international integration have gone hand in hand with the improvement of its legal system, the incorporation of international commitments into domestic legislation, and legal reforms aimed at fostering development, openness and global integration. The country regards international law as an essential instrument for building fair, mutually beneficial relations among nations.

Hanoi to hold investment promotion event on June 29

Hanoi to hold investment promotion event on June 29

At the event, Hanoi authorities plan to grant investment policy decisions and investment registration certificates to 20 exemplary projects in the fields of transportation infrastructure, industrial parks, urban development, social housing, environment, science and technology, and foreign investment attraction.

Hanoi's Red River urban area development draws widespread attention

Hanoi's Red River urban area development draws widespread attention

Located south of the Red River and extending from the historic inner city to newly developing areas in the south and the west, the central urban area along Red River’s right bank covers approximately 45,317 hectares and is projected to accommodate around 6.365 million residents by 2045 and 6.455 million by 2065.

Hanoi's Red River urban area development draws widespread attention

Hanoi's Red River urban area development draws widespread attention

Located south of the Red River and extending from the historic inner city to newly developing areas in the south and the west, the central urban area along Red River’s right bank covers approximately 45,317 hectares and is projected to accommodate around 6.365 million residents by 2045 and 6.455 million by 2065.

Regional cooperation strengthened to combat cross-border drug crime

Regional cooperation strengthened to combat cross-border drug crime

Vietnam, China, Laos and Myanmar face common challenges as drug syndicates increasingly exploit the Mekong River, cross-border transport networks, e-commerce platforms, international logistics services, cyberspace and cryptocurrencies to organise drug transactions and smuggling operations.