Embezzling nearly 34 billion VND from a credit fund, 6 defendants received sentences of 10-13 years in prison

On the afternoon of July 17, Dong Nai People's Court sentenced 6 defendants, leaders and employees of Gia Kiem People's Credit Fund, for creating fake documents to embezzle more than 33.7 billion VND.

Specifically, the Trial Panel (TC) sentenced defendant Pham Ngoc Xuyen (67 years old, former director) to 13 years in prison for the crime of "abuse of trust to appropriate property".

For the same crime, the court sentenced defendants Nguyen Tien Dung (46 years old, former chief accountant) to 10 years in prison, Tran Ngoc Hung (78 years old, former treasurer) to 10 years in prison, Vu Thanh Ha (63 years old, former credit officer) to 12 years in prison, Tran Uy Quyen (61 years old) to 12 years in prison, and Tran Hien Minh (60 years old) to 12 years in prison.

At the same time, the People's Court ordered the defendants to pay civil compensation to the Credit Fund in the amount of more than 22.8 billion VND.

In addition, two other people, Mr. Vu Van H. (former chairman of the board of directors) and Mr. Nguyen Van L. (former head of the control board), were the masterminds but have died. These two people have embezzled a total of nearly 10 billion VND. Because both of them are dead, they have the right to file a civil lawsuit in the credit fund against their successors when requested.

The defendants are listening to the judge announce the verdict.

In the previous indictment, the representative of the Procuracy stated that this was an especially serious case. The case occurred over a long period of time, there was close collusion between the defendants and caused especially serious consequences. The possibility of recovering and returning assets to the people involved was very difficult. In addition, it also affected the local security and order situation.

According to the indictment, Gia Kiem Credit Fund (Gia Kiem commune, Thong Nhat district) was established in 1996 and has had many changes in personnel.

Since 2008, Xuyen, Dung, Hung, Ha, Quyen, and Minh discussed appropriating money from the Credit Fund by directly using their names and creating fake credit records in other people's names to borrow money from the fund for personal use but not paying interest and principal.

When the contract was due to be paid off, the defendants created a new credit loan file to replace the previous credit loan contract. The defendants also did not put the deposits of the 91 customers into lending activities to generate profit, but instead appropriated them for personal use.

Therefore, the credit fund operates in a state of insufficient revenue to cover expenses, having to take money from later depositors to pay principal and interest to customers who deposited earlier or customers who need to withdraw...

By early 2018, the Credit Fund was completely unbalanced in terms of business capital, paralyzed and unable to pay, no longer able to liquidate the fund's mobilized capital, leading to a deficit of more than 33.7 billion VND.

According to Vietnamnet