Trial for US$188 million swindle scam begins in HCM City

Huynh Thi Huyen Nhu is charged with "swindling to appropriate assets" and "counterfeiting seals and materials of agencies and organisations." — Photo vnexpress

HCM CITY (Biz Hub)— A swindling trial in which the defendants are accused of appropriating nearly VND4 trillion (nearly US$189 million) from individuals and banks began in HCM City this morning.

Huynh Thi Huyen Nhu, 36, ex - deputy chief of the Risk Management Department of the Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), was charged with "swindling to appropriate assets" and "counterfeiting seals and materials of agencies and organisations."

Vo Anh Tuan, 41, an ex-official at Vietinbank, and four other defendants were charged with "œswindling to appropriate assets."

Meanwhile, Pham Anh Tuan, 36, director of Thai Binh Duong Petroleum Transport JSC, was charged with "abusing position and power while on duty"; Huynh Thi Viet Yen, 40, ex - head of Vietinbank's Nha Be branch, Ho Hai Sy, 30, Yen's ex-deputy, and Le Thi Ngoc Loi, 27, a former employee of the branch, were charged with "œirresponsibility causing serious consequences."

Ten Vietinbank officials and employees were charged with "œviolating lending regulations in operations of credit organisations".

According to the court's indictment, in 2007, Nhu abused her professional position to mobilise over VND200 billion ($9.43 million) from many banks, organisations and individuals at high interest rates to invest in the local property market.

In 2010, when the property market stagnated, Nhu suffered huge losses and fell into insolvency.

From March 2010 until September 2011, under the false pretext of mobilising capital for two Vietinbank branches, Nhu allegedly obtained loans totaling VND4,911 billion ($231.65 million) from three individuals, nine companies and three banks.

She also forged the seals of VietinBank and companies including Phuc Vinh, Thinh Phat, Hung Yen, An Loc, Duc Minh Quang and Saigonbank Berjaya as well as nearly 200 documents, including 110 false contracts between VietinBank's Nha Be branch and other individuals and agencies.

Victims of the scam include Asia Commercial Joint Stock Bank (ACB), Nam Viet Commercial Joint Stock Bank and Viet Nam International Bank's HCM City branch.

The trial is scheduled to last 20 days. — VNS.