Ms. Truong My Lan is accused of illegally transporting 4.5 billion USD across the border.

The Police Department for Investigation of Crimes of Corruption, Economy, and Smuggling (C03), Ministry of Public Security has just issued the conclusion of the second phase of the investigation into the case at Van Thinh Phat Group and SCB Bank.

C03 proposed to prosecute Ms. Truong My Lan, Chairwoman of Van Thinh Phat Group, for the crimes of fraud, property appropriation, money laundering and illegal transportation of currency across the border..Ms. Lan's three accomplices in this crime group are: Nguyen Phuong Anh, Deputy General Director of Saigon Peninsula Group Joint Stock Company; Trinh Quang Cong, General Director of Acumen Management Group Joint Stock Company; Truong Khanh Hoang, former Acting General Director of SCB Bank.

Accomplices of Ms. Lan in the money laundering are: Chu Lap Co, Ms. Lan's husband, Chairman of Times Square Investment Joint Stock Company (Vietnam) - Times Square; Bui Van Dung, Ms. Lan's personal driver; Tran Thi Hoang Uyen, Ms. Lan's secretary; Tran Xuan Phuong, secretary of Ngo Thanh Nha, Chairman of Van Thinh Phat Investment Group Joint Stock Company.

In connection with the case, To Thi Anh Dao, Deputy General Director of Van Thinh Phat Investment Group Joint Stock Company, was proposed to be prosecuted for the crime of illegally transporting currency across the border.

Four others were proposed for prosecution on two counts of fraud and illegal transportation of currency across the border. are Nguyen Vu Anh Thi, General Director of Vietnam Infrastructure and Real Estate Development Corporation; Nguyen Huu Hieu, Deputy General Director of Square Vietnam Investment Corporation, An Dong Investment Corporation, Windsor Real Estate Management Corporation; Vo Tan Hoang Van, former General Director of SCB Bank; Bui Anh Dung, former Chairman of the Board of Directors of SCB Bank.

Former SCB Deputy General Director Tran Thi My Dung was proposed to be prosecuted for fraud, appropriation of property and money laundering.

In addition, 20 other people were proposed to be prosecuted for fraud and appropriation of property, including: Truong Hue Van, General Director of Windsor Real Estate Management Group; Ho Buu Phuong, Deputy General Director in charge of finance of Van Thinh Phat Group; Ngo Thanh Nha, Chairman of Van Thinh Phat Investment Group, former Chairman of An Dong Investment Group Joint Stock Company (2015-2019); Kwok Hakman Oliver (China), General Director of An Dong Investment Group Joint Stock Company; Truong Wincent Kinh (Lam Khac Vinh, residing in the US), Chairman of Saigon Peninsula Group, former Chairman of Sunny World Investment and Development Joint Stock Company...

Transporting 106,730 billion VND illegallyby blank contract

The investigation agency alleged that in the 10 years from October 27, 2012 to October 7, 2022, 21 companies under Van Thinh Phat Group conducted 78 illegal money transfer transactions abroad with a total amount of more than 1.5 billion USD.

21 companies under Van Thinh Phat Group received money transferred from abroad illegally, with 152 transactions, totaling more than 3 billion USD.

International money transfers are all through fake contracts - contracts for buying and selling shares, contributing capital; consulting contracts; and loan contracts between companies in Vietnam and companies and organizations abroad, the investigation conclusion stated.

Therefore, C03 accused Truong My Lan and her accomplices of illegally transporting currency across the border, according to Article 189 of the Penal Code, with a total amount of more than 4.5 billion USD, equivalent to 106,730 billion VND.

"Washing" 445,747 billion VND of SCB and bondholders

At the same time, Ms. Lan and her accomplices were also accused of money laundering from embezzled assets of SCB bank and fraudulently appropriating assets from bond issuance, totaling 445,747 billion VND.

From January 1, 2018 to October 7, 2022, in order to conceal the origin of the money from crime and legalize the use of VND 415,666 billion (from the embezzled money of SCB), avoiding detection and tracing of the money flow by authorities, Truong My Lan and her accomplices transferred the embezzled money out of the SCB system or transferred money to individuals and legal entities to withdraw cash from their accounts.

"This trick was to cut off the tracing of the money flow and continue to use it for Ms. Lan's personal purposes," C03 accused. The money was then transferred to the accounts of 483 individuals and 450 legal entities, and continued to be transferred, withdrawn in cash, and deposited into accounts for use according to Ms. Lan's instructions.

From 2018 to 2019, Ms. Lan and her accomplices committed fraud and property appropriation through the issuance of 25 bond packages of 4 companies: An Dong, Quang Thuan, Setra, Sunny World (all belonging to Van Thinh Phat Group), appropriating 30,081 billion VND of 35,824 victims.

After appropriating the money, in order to conceal its origin and illegally use it, Ms. Lan and her accomplices withdrew cash directly from SCB and assigned Bui Van Dung to transport and transfer it according to Ms. Lan's instructions for personal use. Ms. Lan was also accused of withdrawing and transferring money to organizations and individuals under her name, depositing cash into designated accounts to repay loans, pay credit cards, and transfer money to companies and individuals.

The case at Van Thinh Phat Group is very large and complicated, with a large number of defendants, so the Ministry of Public Security had to separate it into two investigation phases.

In the initial phase, Ms. Truong My Lan was accused of directing her accomplices to disburse a total of more than 2,500 loans to a group of companies in the Van Thinh Phat Ecosystem during the 10 years of acquiring SCB. By October 2022, Ms. Lan and Van Thinh Phat's group still had nearly 1,300 loans with an outstanding principal and interest of VND 677,000 billion.

On April 11, the Ho Chi Minh City People's Court sentenced Ms. Lan to 20 years in prison for bribery; 20 years in prison for violating regulations on lending in the operations of credit institutions and the death penalty for embezzlement. Combined, the defendant must serve the death penalty.