Return the case file of Nhat Nam real estate CEO defrauding 25,925 investors

Previously, the Investigation Police Agency, Hanoi Police, completed the investigation conclusion of the case, proposing to prosecute Ms. Vu Thi Thuy (born in 1983, Chairwoman of the Board of Directors and General Director of Nhat Nam Real Estate Investment and Trading Joint Stock Company) for fraud and property appropriation.

The investigation agency also proposed to prosecute 5 other defendants for the same crime, including: Tran Thien Tam (Director of Nhat Nam Company, Ho Chi Minh City branch), Trinh Van Ton, Nguyen Cong Son, Pham Van Tuyen, Nguyen Van Minh (all members of the Strategy Board of Nhat Nam Company).

According to the investigation, Ms. Vu Thi Thuy has a previous conviction for fraud and property appropriation. Since July 2019, Ms. Thuy established Nhat Nam Company, holding the position of Chairwoman of the Board of Directors and General Director.

After that, Ms. Thuy provided false advertising information about the company's effective investment in real estate projects, restaurant and hotel businesses, and committed to dividing profits (both principal and interest) daily at 7-8%/month, with profits after 2 years being 168 - 192% of the contract value.

In fact, the investment company bought real estate to sell but did not make a profit, the restaurant and hotel operations suffered losses, leading to closure. To promote calling for investment in the company, Ms. Thuy established a Strategy Board.

This board gathers individuals who are capable of managing, developing, and training sales staff below, thereby expanding the scope of operations to many provinces and cities across the country.

CEO Vu Thi Thuy organized many conferences and invited people who had worked in the legal industry and had prestige in society (police, military, etc.) to join the company's advisory board.

The purpose of this is to introduce and promote the image of a reputable company that pays high, full and timely profits, to create trust for individuals when signing business cooperation contracts with Nhat Nam Company.

Ms. Thuy only used a small part of the money collected from individuals to buy projects, run restaurants and hotels, and mainly used the money from later people to pay earlier people, and pay brokerage commissions to sales staff...

With the above tricks, from July 2019 to June 2023, CEO Vu Thi Thuy defrauded 25,925 individuals, collecting a total of more than 9,113 billion VND.

According to the investigation agency, Ms. Thuy used more than 4,297 billion VND to pay the principal and interest to the investors. The remaining amount of more than 4,816 billion VND, Ms. Thuy appropriated and used personally, and is now unable to pay.

Regarding the five defendants Tran Thien Tam, Trinh Van Ton, Pham Van Tuyen, Nguyen Van Minh, and Nguyen Cong Son, the investigation agency said that these people did not know specifically how Nhat Nam Company invested in projects and did business activities, or how profitable it was.

But in order to benefit from the commissions and bonuses paid by Ms. Thuy, the defendants managed, trained, and instructed the sales staff to meet, introduce, and advertise to investors false information about Nhat Nam Company having many real estates, many large projects, and highly profitable business activities, which were used to pay principal and interest to investors at an interest rate of 34-46%/year.

The subjects directly explained and advertised the above contents at many seminars and events to gain investors' trust, sign contracts, and deposit money into Nhat Nam Company, helping Ms. Thuy appropriate an especially large amount of money from many investors.