Female president 'draws' virtual project, defrauds more than 1,600 people, embezzles 400 billion VND

Long Bien District Police (Hanoi) has just prosecuted and temporarily detained Le Thi Hien (born in 1984, residing in Binh Giang, Hai Duong) for fraud and property appropriation. Hien is Chairwoman of the Board of Directors of the Vietnam Cooperative Union and Global Market Group Joint Stock Company.

Sophisticated tricks

According to the investigation agency, the two companies actually had only more than 20 employees, including administrative staff. However, Hien built a network of "henchmen" who were brokers at representative offices in many provinces and cities, "herding chickens" to more than 1,600 investors nationwide, embezzling nearly 400 billion VND.

To carry out the fraud, Hien used the legal entities of two companies with "virtual" charter capital of up to 200 billion VND. A representative of the Economic Police Team, Long Bien District Police, confirmed that these two companies actually had no charter capital.

Since 2021, the police have been aware of suspicious activities in Hien's investment activities and have organized reconnaissance and investigation. Due to the large number of victims and the sophisticated tricks of the subjects, the police have mobilized maximum forces to verify, collect documents, and consolidate evidence.

"Fooling" investors with "pie in the sky" projects

Hien directed the creation of 3D graphic designs, overall perspectives of the projects, numbering of counters and kiosks, giving start, construction and completion times... In reality, the projects were not implemented, and some projects were not even approved for investment.

After "drawing" the projects, Hien's two companies sent official dispatches to state agencies to request licenses. However, many projects have not yet been approved for investment. Hien used these official dispatches to "deceive" investors about their legality.

Hien also organizes many events, seminars, grandiose project groundbreaking ceremonies, giving valuable gifts such as gold and precious items to investors.

From October 2021 to June 2022, Hien raised nearly VND400 billion from more than 1,600 investors by offering a high-return policy.

To commit the crime, Hien built a network of representative offices and brokers. Brokers were paid a commission of 25% on the total amount of capital contributed by investors, and sometimes received an additional 1% to 5%.

Currently, more than 200 people have filed complaints and the investigation agency has worked with more than 100 people who have invested capital in Hien, with a total amount of more than 93 billion VND.

By the time they were arrested, most of the "pie in the sky" projects of Hien and his accomplices had not been implemented. The entire amount of nearly 400 billion VND had been appropriated by Hien's network and had not been paid to the victims.