Do Anh Dung’s arrest comes after he was accused of defrauding thousands of investors in a securities fraud scheme
Do Anh Dung, a Vietnamese luxury real estate tycoon, has been sentenced to eight years in prison after being accused of defrauding thousands of investors in a fraudulent securities scheme, according to news reports. Your Three.
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The arrest took place on Wednesday the 27th. Dung and the other defendants were accused of illegal purchasing US$355 million (equivalent to R$1.7 billion, at current prices) in a stock sale to 6,630 investors.
In addition to the tycoon, his son, From Hoang Viet, was also sentenced to three years in prison, while 13 other defendants were sentenced to sentences of up to two and a half years. This is the latest case in a wide-ranging anti-corruption investigation targeting high-level business leaders in the Asian country.
“The jury found that the defendants’ crimes were particularly serious and directly violated the property rights of others,” the report states. Your Three.
The defendants sold bonds to raise capital, promising high returns to investors, but siphoned off the proceeds, state media reported. Dung and his son have already repaid the $355 million.
Also according to previous state media reports, Tan Hoang Minh Group had debts of around $810 million as of January 2022 resulting from the impact of the Covid-19 pandemic on its projects.
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Source: Terra
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