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HCM City: Businessman arrested for million USD fraud

On August 13 the People’s Supreme Procuracy approved the four-month arrest warrant and prosecution against Mr. Truong Vui, born 1959, living at No. 137, Hoang Van Thu Street, Ward 8, Phu Nhuan District, Ho Chi Minh City for investigation of the behavior "fraudulent appropriation of assets".

According to initial investigation, Vui cheated many people and many organizations to appropriate hundreds of billions dong (tens of million USD).

Initial investigation showed that he used the property and the land at No. 4-6, Ho Tung Mau Street, Nguyen Thai Binh Ward, District 1, HCM City as mortgages and capital contribution to many projects in order to appropriate dozens of millions of USD.

In addition, although his company did not have any goods, Vui signed trading contracts to appropriate a lot of money of the Bien Hoa Import and Export Company.

Vui also used a plot of land in An PhucCommune, Thuan An district, Binh Duong province, as the mortgage for loans at several banks and then was in insolvency.

The case is being investigated by the Ministry of Public Security.