Tan Hoang Minh Chairman receives 8-year prison sentence for fraud
The Hanoi People’s Court on March 27 handed down prison terms to 15 defendants involved in the case of “obtaining property by fraud” at property developer Tan Hoang Minh.
Do Anh Dung, Chairman of property developer Tan Hoang Minh. (Photo: VNA)
Hanoi (VNA) – The Hanoi People’s Court on March 27 handed down prison terms to 15 defendants involved in the case of “obtaining property by fraud” at property developer Tan Hoang Minh.
Do Anh Dung, Chairman of Tan Hoang Minh, was sentenced to eight years in prison, while his son and Deputy General Manager Do Hoang Viet will spend three years in jail.
Other defendants got jail terms ranging from 18 to 24 months, of them five receiving a 18-month suspended sentence.
According to the first-instance judgement, between July 2021 and March 2022, Dung, through his son, authorised subordinates to use three subsidiary companies to issue nine separate bond packages worth 10.3 trillion VND (450 million USD) in order to steal over 8.6 trillion VND from 6,630 investors.
The court said that Dung was the mastermind who initiated the scheme from the beginning and gave directions on how to spend the money appropriated from the victims.
Viet was a major accomplice but was sincere in admitting his crime and followed his father’s orders without fail, the court said./.
The State Securities Commission (SSC) has decided to cancel nine separate bond issuances worth over 10 trillion VND (over 437 million USD) by subsidiaries of property developer Tan Hoang Minh Group because they submitted false information.
The Police Investigation Agency of the Ministry of Public Security has decided to launch criminal proceedings against and detain Do Anh Dung, Chairman of the Tan Hoang Minh Group, on charges of "obtaining property by fraud."
Any act that aims at manipulating the stock and corporate bond markets to gain illicit profits will be punished strictly, according to the Ministry of Finance.
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Do Anh Dung, Chairman of property developer Tan Hoang Minh. (Photo: VNA) 
