The Ho Chi Minh City People's Court has announced the reception and processing of case files related to the Van Thinh Phat Group, led by Truong My Lan and 33 co-defendants, charged with fraud, money laundering, and illegal cross-border money transfers.

As per the investigative findings of the Ministry of Public Security, over 35,000 individuals purchased bonds issued by Van Thinh Phat Group's subsidiaries, including An Dong Investment Group, Sunny World Investment, Quang Thuan Investment, and Saigon Trading and Service Company (Setra).

To facilitate the trial, the court has requested bondholders of the aforementioned companies to verify their personal information and monitor trial details on the Ho Chi Minh City People's Court's online portal. Those who hold bonds not listed in the attached documents are advised to submit their claims via postal mail to the court.

According to the prosecution, Truong My Lan and her associates issued 25 fraudulent bond packages worth over VND 30.869 trillion without collateral. Currently, these bonds have outstanding debts of over VND 30.081 trillion owed to more than 35,000 investors, with no capacity for repayment.

In an attempt to conceal the proceeds from these bond issues and an additional VND 415 trillion embezzled from Saigon Commercial Bank (SCB), Lan directed her subordinates to withdraw and transfer money out of the banking system for various uses.

Regarding the illegal cross-border money transfers, Lan and her associates, from 2012 to 2022, orchestrated fake contracts to transfer funds internationally, accumulating over USD 4.5 billion, equivalent to VND 106 trillion, through SCB.

In the first phase of the case, Truong My Lan was sentenced to death for embezzlement, 20 years for bribery, and another 20 years for violating lending regulations in financial institutions, totaling a death penalty.

Her husband, Chu Lap Co, received a nine-year sentence for banking violations, while her niece, Truong Hue Van, was sentenced to 17 years for embezzlement and lending violations.

Additionally, 83 other accomplices received sentences ranging from three years of probation to life imprisonment.

Following the initial trial, Truong My Lan, along with her husband, niece, and 19 other defendants, have filed appeals seeking reduced sentences.

Thanh Phuong