Vietnam tycoon on death row for massive fraud illegally moved money overseas, police say

Vietnam tycoon on death row for massive fraud illegally moved money overseas, police say
Vietnam tycoon on death row for massive fraud illegally moved money overseas, police say

Hello and welcome to the details of Vietnam tycoon on death row for massive fraud illegally moved money overseas, police say and now with the details

Nevin Al Sukari - Sana'a - Vietnamese property tycoon Truong My Lan looks on at a court in Ho Chi Minh city on April 11, 2024. — AFP pic

HANOI, June 6 — Vietnam real estate tycoon Truong My Lan, sentenced to death in the country’s largest-ever financial fraud case, had illegally transferred money abroad, according to police, with state media on Thursday reporting US$4.5 billion had been moved.

Police said late on Wednesday an investigation into those transfers and money laundering has been completed, but gave no further details.

State media said on Thursday that Lan had illegally transferred US$1.5 billion out of Vietnam and moved US$3 billion into the country. The reports did not specify which countries were the recipients or origins of that money.

A court in April sentenced Lan to death for her role in siphoning off more than US$12 billion from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxies, despite rules strictly limiting large shareholding in lenders.

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SCB did not immediately respond to a request for comment on Thursday and Lan’s legal representatives could not be reached.

Lan is also accused of laundering 445.7 trillion dong, including the money she and her accomplices siphoned off from SCB and from her illegal bond issuance, Thanh Nien newspaper reported on Thursday. — Reuters

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