Initial identification of 42,000 investors as victims of the Van Thinh Phat case

SGGPO October 2, 2023 16:47

At the press conference of the Ministry of Public Security on the afternoon of October 2, providing more information about the Van Thinh Phat case, Major General Nguyen Van Thanh, Deputy Director of the Department of Police Investigation of Crimes of Corruption, Economy, and Smuggling (C03), said that recently, the investigation agency has issued a notice to find victims in the case of fraud and appropriation of property that occurred at Van Thinh Phat and An Dong Investment Group Joint Stock Company, and related organizations and units.

According to Major General Nguyen Van Thanh, so far, the investigation results have determined that from 2018 to 2020, the suspects involved in Van Thinh Phat Group Joint Stock Company, the group's subsidiaries and a number of units have committed fraudulent acts, violating the provisions of the law in issuing bonds. From these fraudulent acts, the defendants in the Van Thinh Phat case have defrauded 30,000 billion VND from 42,000 investors.

C03 leaders said that because the number of victims in this case was very large, C03 had entrusted local police investigation agencies to work with investors who had purchased bonds from Van Thinh Phat.

Major General Nguyen Van Thanh informed at the press conference. Photo: DO TRUNG

Currently, C03 has authorized the local police investigation agencies to request investors related to the Van Thinh Phat case to come to work soon to provide information, documents, and contracts related to the bond purchase and sale or transfer applications for consideration and settlement, ensuring the legitimate rights and interests of investors.

As reported by SGGP Newspaper, in early October 2022, C03 initiated a case of fraud and property appropriation that occurred at An Dong Investment Group Joint Stock Company and related organizations and units. Along with that, C03 initiated a case and executed an order to temporarily detain businesswoman Truong My Lan (Chairwoman of Van Thinh Phat Group Joint Stock Company) for fraud.

By March 2023, C03 had prosecuted 5 defendants from the interdisciplinary inspection team of the State Bank Inspection Team. Among them was Do Thi Nhan (former Director of the Department of Banking Inspection and Supervision under the State Bank) for abusing her position while performing official duties. Ms. Nhan was the head of the inspection team of the Van Thinh Phat case and, together with other members of the inspection team, made false reports, leading to the State Bank failing to promptly supervise and inspect SCB bank.

On September 30, C03 issued information looking for victims in the Van Thinh Phat case. Accordingly, the investigation results determined that from 2018 to 2020, related subjects at Van Thinh Phat Group Joint Stock Company, An Dong Investment Group Joint Stock Company, Quang Thuan Investment Joint Stock Company, Ho Chi Minh City Trade Services Joint Stock Company, Sunny World Investment and Development Joint Stock Company and other organizations committed fraudulent acts, violating the provisions of law when creating 25 bond packages with codes ADC-2018.09, ADC-2018.09.1, ADC-2019.01, QT-2018.12.1, SNWCH1823001 and 20 codes from SET.H2025.01 to SET.H2025.20 with a total value of 30,000 billion VND to sell to buyers (bondholders), mobilize money and appropriate.

The police investigation agency determined that the bondholders who own 25 bond codes issued by the 4 companies mentioned above are victims in the case and have entrusted the investigation to the police investigation agency of the provincial/municipal public security according to the bondholders' addresses on the bond purchase/transfer contracts to receive information and take statements from the victims to consider and resolve the case according to the provisions of law.

Source: https://www.sggp.org.vn/buoc-dau-xac-dinh-42000-nha-dau-tu-la-bi-hai-cua-vu-an-van-thinh-phat-post708076.html