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Nguyen Van Hoanh, General Director of HP102 Vietnam Joint Stock Company, called on more than 8,000 customers to sign contracts to invest in advertising equipment and appropriated nearly 60 billion VND from these people.
On December 6, Hanoi City Police said that Nam Tu Liem District Police had issued a Decision to prosecute and issue a Detention Order for Nguyen Van Hoanh (born in 1975, in Sai Son Commune, Quoc Oai District, Hanoi City) to investigate the crime of fraud and property appropriation.
Decisions and Orders have been approved by the People's Procuracy at the same level.
The initial investigation showed that Nguyen Van Hoanh, in his capacity as General Director of HP102 Vietnam Joint Stock Company, had purchased advertising equipment for customers to invest in and lease to HP102 Vietnam Joint Stock Company for business operations.
Nguyen Van Hoanh used mass media, organized seminars to promote the image, called on over 8,000 customers to sign investment contracts for HP102 Vietnam Joint Stock Company to do business with over 40,000 advertising devices.
In fact, Hoanh only bought about 800 TVs and installed software to run ads.
Notably, although the financial report shows that HP102 Vietnam Joint Stock Company's business was at a loss in 2018, 2019 and 2020, Nguyen Van Hoanh still created trust for customers by paying for advertising equipment rental according to the agreement, using money from the latter to pay the former so that customers would continue to invest more.
The police agency determined that the amount of money customers deposited into Nguyen Van Hoanh's personal account in 2 years (2019 and 2020) was nearly 60 billion VND, the purpose of which was to invest in purchasing advertising equipment for HP102 Vietnam Joint Stock Company to rent.
However, Nguyen Van Hoanh did not buy advertising equipment as agreed but used the money to invest in foreign exchange (forex) and other personal purposes.
The amount of money customers deposited into Hoanh's personal account was not declared in the tax financial report of HP102 Vietnam Joint Stock Company.
Nguyen Van Hoanh's actions constitute the crime of fraud and appropriation of property as prescribed in Clause 4, Article 174 of the Penal Code.
At the police station, Nguyen Van Hoanh confessed to all his crimes. Accordingly, Nguyen Van Hoanh said that because he saw that his advertising business was not effective, he used part of the money that customers deposited into his personal account to invest in foreign exchange but lost money, so he defrauded customers.
Nam Tu Liem District Police are urgently investigating, clarifying, and consolidating records to strictly handle the subject according to the law.
