TSS Director Ho Hoai Nam and his deputy Nguyen Trung Thanh are prosecuted and remanded to police custody for fraud.— Photo vietbao.vn

HA NOI (Biz Hub) — The investigation police agency under the public securities ministry has charged two officials of Truong Son Securities JSC (TSS) with fraud offences.

TSS Director Ho Hoai Nam, 38, and his deputy Nguyen Trung Thanh, 35, have been prosecuted and remanded to police custody. Both officials were investigated for fraud.

The police investigation was carried out after the Saigon Commercial Bank (SCB) accused the two TSS officials of misusing 28 files on buying and selling of stock to borrow money from the bank and swindling it of more than VND43.6 billion (US$2 million).

The crime was carried out after Chairman of TSS's management board Hoang Minh Son granted power to Nam to sign a co-operation agreement with SCB in March 2011, in which it said the bank would lend money to the TSS if it was involved in buying and selling of stock.

Based on the agreement, Nam and his deputy Thanh misused 28 files to borrow money from the SCB since November 14, 2011.

It's reported that the loan was transferred to the TSS's account. Nam and Thanh then used the money for other purposes than stated. The TSS stopped its operations in 2012, and was unable to pay the loan.

During the investigation, the police also received complaints from other businesses and individuals that accused the two TSS officials of misusing government bonds to appropriate tens of billions of dong from them. — VNS