The information was released by Major General Nguyen Van Thanh, deputy head of the Public Security Ministry’s Investigation Police Department for Corruption, Smuggling and Economic Crimes (C03), at a recent press conference in Hanoi.

The police is clarifying the exact number of affected investors and the amount of appropriated money. The affected investors will be refunded in line with law.

The police official said that the affected investors should report to the police and provide evidence to serve the investigation into the fraudulent practices allegedly committed by Tan Hoang Minh Group.

On April 5 this year, Ministry of Public Security investigators arrested Do Anh Dung, chairman and general director of Tan Hoang Minh Group, and six senior executives of the Tan Hoang Minh-affiliated companies on alleged fraud charges.

According to the investigation results, between July 2021 and March this year, Do Anh Dung allegedly took advantage of three affiliates – Viet Star Real Estate Investment Company Limited, Soleil Investment and Hotel Services JSC, and Winter Palace JSC – to conduct nine bond issues worth a total of VND10.3 trillion to raise funds from investors. The money was not used for the purposes stated in the bond sale documents.

One day before the above arrests, the State Securities Commission of Vietnam decided to cancel these nine bond issues because of misinformation and failure to disclose information about private placements.

Doan Bong