Police said Vui allegedly cheated many people and many organisations and appropriated a total of more than VND300 billion ($14 million). They are expanding investigations to clarify the responsibilities of different stakeholders in the case.
On August 13, Vui, born in central Quang Nam Province, was arrested for investigation in HCM City.
From July, 2010, to April, 2012, Vui, as a CEO of UPEXIM, used his company's "red books" (land-use right certificates) of 600sq.m in two lots in Ho Tung Mau Street, HCM City, worth about VND200 billion ($9.5million), as mortgages and capital contribution to many projects in order to appropriate loans and money from banks and companies.
It is alleged that this enabled him to acquire VND80 billion ($3.8million) from Trade Company in Phu Nhuan District under a form of co-operation, while at the same time Vui sold the land to Phung Xuan Minh, director of Blue Diamond in District 1, HCM City for VND120 billion ($5.7million).
He also used the same red book to get a loan of VND110 billion ($5.2 million) at Sai Gon branch Agribank and another VND17 billion ($809,500) from a branch of the Military Bank at HCM City's Lon Market. He is also said to have used the red book to get loans from other banks.
In 2010, Vui signed a contract to sell VND54 billion ($2.5 million) worth of goods to BIHIMEX Company in Bien Hoa City, but never handed over the items.
Vui also used another red book to a plot of land in An Phu Commune, Thuan An District, southern Binh Duong Province to get a loan of VND10 billion ($476,000) from the Agribank in District 1, HCM City and VND6 billion ($286,000) from the MB bank.
- HCM City: Businessman arrested for million USD fraud
- Piano to merge with spiritual singing in new theatre show
- National records marks Hanoi’s 1,000th birthday
- ART & ENTERTAINMENT IN BRIEF 11/1
- Energy-saving home honoured
- Traditional ceramics trade revitalised in Hue
- BUSINESS IN BRIEF 22/4
- Old Quarter promotes craft work
- Fashion designer channels spirit of nature
- Museum happy for antique gifts
- VND8.5 trillion to develop craft villages in Hanoi
- Puny fines fail to deter environmental crimes
- Bamboo craft village revives former glory
- Craft Village Fair to be held in Nam Dinh
- UNIDO gives Hoi An solid waste treatment solutions
- Wood exporters to cope with tougher rules
- Target for Japanese tourists in doubt
- Growing local market attracts furniture exporters
- Unique tours for businesspeople
- Cham Brocade in My Nghiep Village