The Vietnam Court has passed this verdict concerning the Rs. 1 lakh crore fraud case.
In that case, how many people here must be hanged?
Bank officer sentenced to life imprisonment
A real estate woman tycoon has been sentenced to death by a Vietnamese court in a case of defrauding a bank of more than Rs. 1 lakh crore. This judgement came out recently, as this incident has been recorded as the biggest fraud in their country. In that, in our country, we are leaving it to your imagination as to the number of people to be hanged.
Truong My Lan, 67, is the chairperson of Van Thinh Phat, a leading real estate company in Vietnam. During 2012–2022, they ‘ruled’ over Sai Gon Joint Stock Commercial Bank. During that period, 12 billion dollars (almost Rs. lakh crore) were diverted in the form of loans by submitting false documents. This amount is 3 percent of Vietnam’s GDP. In this background, a case was registered against her for causing a huge loss to the bank. As a result, Lan was arrested in October 2022. The court that investigated the matter ordered the bank to pay a fine of Rs. 224 crore ($2.69 crore). However, the court issued a sensational verdict that she was sentenced to death as there was no chance to recover the money from Lan, who was involved in a huge financial and organised crime.
Do Thi Nhan, a former official of the Central Bank who took a bribe of Rs 43 crore, was sentenced to life imprisonment in this case. A close relative of Lan, Van Thinh Phat’s chief executive officer, Truong Hooi Van, was sentenced to 17 years in prison. The real estate firm Van Thinh Phat has a reputation for building luxury residential buildings, offices, hotels, and shopping centres there. However, the company’s head cheated the bank, casting doubt on the company’s credibility in the market. Moreover, the real estate sector in Vietnam has collapsed. Developers are trying hard to impress buyers by giving huge discounts and gold as a gift, but in vain.
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