HANOI, March 19 — A top Vietnamese property tycoon went on trial today accused of cheating thousands of investors in a US$355 million bond scam, in the communist nation’s...
Chairman of Tan Hoang Minh group Do Anh Dung is escorted by police officers to a court for his trial on fraud charges in Hanoi on March 19, 2024 A top Vietnamese property tycoon went on trial on March 19, 2024 accused of cheating thousands of investors in a US$355 million bond scam, in the communist nation’s latest criminal case targeting high-flying business leaders.
Do Anh Dung, head of the Tan Hoang Minh group, which specialises in luxury offices and apartments, went on trial in Hanoi today alongside his son Do Hoang Viet and 13 others on fraud charges. According to previous state media reports, by January 2022 the Tan Hoang Minh group was struggling with debts of some US$810 million because of stalled projects and the impact of the Covid-19 pandemic.
“I have not received anything. I feel so stupid investing in these bonds,” 47-year-old office worker Phuong, who gave only one name, said.Thuy, 72, said she invested her life savings of US$40,000 in the bonds.“I don’t know whether I want them to be jailed for long or what. I just want my money back.”
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