As the nation expands its long-running anti-graft campaign, a Vietnamese real estate magnate was detained on suspicion of financial fraud, the police said on Saturday.
According to a news release from the Ministry of Public Security on Saturday, Truong My Lan, the chairwoman of Ho Chi Minh City’s Van Thinh Phat Holdings Group, was charged with illegally issuing bonds to raise trillions of dong (tens of millions of dollars) from investors during the 2018–2019 period.
More research is being done to shed light on the frauds, “added the ministry.
With a slew of high-profile corporate arrests, involving leading stockbrokers, real estate developers, and even regulators, Vietnam recently expanded its anti-graft campaign.
The police-run ministry reported on Saturday that three additional people who were allegedly involved in Lan’s case were also detained.
According to the ministry, Van Thinh Phat Holdings improperly acquired several prime pieces of state-owned land in the heart of Ho Chi Minh City.
This week, social media rumors about Lan’s impending arrest caused a run on Saigon Joint Stock Commercial Bank (SCB) due to rumors that Lan had connections to the bank.
On Saturday, the Vietnamese central bank told depositors at SCB that it was keeping an eye on the situation there.
The State Bank of Vietnam declared that it would implement measures and policies following the legislation to protect depositors’ rights and interests, and uphold the stability of the SCB specifically and the system of credit institutions generally.
Lan did not have any administrative or executive positions at the bank, according to a statement released by SCB on Saturday, and his detention had no impact on how the bank operated.
