Vietnamese Property Mogul Sentenced To Death For $44-B Fraud

Wealthy Vietnamese property tycoon Truong My Lan was convicted of obtaining $44 billion in loans from the Saigon Commercial Bank (SCB) and sentenced to death, as reported by BBC News.

The evidence, comprising 104 boxes weighing a total of six tons, was presented. Eighty-five defendants were tried alongside Truong My Lan, who denied the charges. I Photo: Government Electronic Information Portal

The verdict mandates the 67-year-old female property tycoon to return $27 billion, a sum prosecutors deemed unlikely to be recovered. However, the death penalty serves as the court's attempt to encourage her to return the missing billions.

The trial involved 2,700 witnesses, with 10 state prosecutors and approximately 200 lawyers.

The evidence, comprising 104 boxes weighing a total of six tons, was presented. Eighty-five defendants were tried alongside Truong My Lan, who denied the charges.

Prosecutors revealed during the trial that they seized over 1,000 properties belonging to Lan. Additionally, they disclosed that the $5.2 million allegedly given by Lan and SCB bankers to state officials to conceal the bank's violations and poor financial situation constituted the largest-ever bribe recorded in Vietnam.

Vietnam has witnessed a sweeping corruption crackdown since 2021, resulting in the indictment of more than 4,400 individuals across over 1,700 graft cases.

In a related case, Do Anh Dung, head of the Tan Hoang Minh group, a top Vietnamese luxury property tycoon, was sentenced to eight years in prison last month for cheating thousands of investors in a $355 million bond scam, as reported by CBS News.