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You are here: Home / Archives for Fraud cases 2016

Fraud cases 2016

Former chairman of top Vietnam bank arrested in massive fraud case

November 29, 2018 by vnexpress Leave a Comment

The Ministry of Public Security pressed charges against Ha, former chairman of Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), with violating banking regulations, on Thursday. Three other senior officials - Tran Luc Lang, former deputy general director at BIDV, Kieu Dinh Hoa, former director of BIDV branch in Ha Tinh Province in north central Vietnam and Le Thi Van Anh, former head of the customer service department at the branch, also face the same carges. Lang and Hoa are also in custody. Ha was investigated for his responsibility in "very serious" violations committed at state-owned BIDV, Vietnam's second largest listed bank, linked to a massive fraud case at Vietnam Construction Bank (VNCB). In its report in June, the Central Inspection Committee, the top watchdog of Vietnam's Communist Party, concluded that Ha had violated the democratic centralism principle and working regulations, was guilty of mismanagement, as well as violations of … [Read more...] about Former chairman of top Vietnam bank arrested in massive fraud case

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Vietnamese banker receives life sentence in $2.2 million fraud case

July 17, 2018 by vnexpress Leave a Comment

The People’s Court of the central province of Nghe An sentenced Nguyen Thi Lam, an employee of Eximbank at the local Do Luong branch, to life imprisonment. It also sentenced Dang Dinh Hong, former director of the branch, to five years in prison for allowing subordinates to conduct unauthorized transactions for customers between 2013 to 2016, resulting in losses of VND30 billion ($1,300) to the bank. 13 other former employees of Eximbank’s Do Luong branch received sentences ranging from 6 months’ probation to 36 months in prison for “deliberately disobeying government regulations on economic management, resulting in severe consequences.” From 2012 to 2016, Lam tricked customers by persuading them to deposit money in the branch, promising interest rates of 7 to 12 percent while the bank was actually paying much lower rates of between 4 to 5 percent. The customers also trusted Lam and signed documents that she brought to them, without going to the bank. Using … [Read more...] about Vietnamese banker receives life sentence in $2.2 million fraud case

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Former BIDV chairman implicated in notorious banking fraud

June 4, 2018 by vir Leave a Comment

The violations of BIDV and its former chairman Tran Bac Ha related to the notorious VNCB case are very serious. Tran Bac Ha, former chairman of BIDV According to the conclusions of the Central Inspection Commission of the Communist Party of Vietnam presented at the 26th meeting, the former chairman of BIDV allegedly violated regulations when he let the 12 companies related to the notorious fraud case in Vietnam Construction Bank (VNCB) borrow VND4.7 trillion ($207 million) from state-owned bank BIDV. The Central Inspection Committee concluded that Tran Bac Ha, former chairman of BIDV, had violated the regulations, bypassed democracy in his management of the bank, and broke the duties and responsibilities of his position. Tran Bac Ha also violated credit procedures and regulations by approving a number of loans, investments, and debt management decisions. In addition to singling out Ha, inspectors also found that the standing committee of BIDV Party Committee for the terms … [Read more...] about Former BIDV chairman implicated in notorious banking fraud

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Another Vietnamese banker named for violations linked to massive banking fraud case

June 2, 2018 by vnexpress Leave a Comment

The top watchdog of Vietnam's Communist Party has found a former banking official responsible for "very serious" violations committed at the state-owned bank BIDV that are linked to a massive fraud case at Vietnam Construction Bank (VNCB). In its report, the Central Inspection Committee concluded that Tran Bac Ha, former chairman of BIDV, had violated the democratic centralism principle and working regulations, lacked democracy in his management of the bank and violated the duties and responsibilities of his position. Ha also violated credit procedures and regulations in approving a number of loans, investments and debt management decisions. In particular, he enabled 12 companies owned by Pham Cong Danh, former chairman of VNCB, to borrow VND4.7 trillion ($206 million) from BIDV. While BIDV eventually managed to retrieve this money, the loans had helped Danh steal over VND9 trillion from VNCB. At a trial in 2016, Danh was sentenced to 30 years in prison, the maximum jail term allowed … [Read more...] about Another Vietnamese banker named for violations linked to massive banking fraud case

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Vietnam’s former police chief arrested in multi-million-dollar gambling case

April 6, 2018 by robert Leave a Comment

Vietnamese police arrested a once top-ranking police official on Friday for his involvement in a massive online gambling ring that has seen dozens of arrests made in recent months, including a number of other big fish. Phan Van Vinh, former director of the General Police Department under the Ministry of Public Security, is being investigated for abuse of power on duty, said police from the northern province of Phu Tho. He will be detained for at least four months for criminal probe, prosecutors said. Police in Phu Tho uncovered the gambling ring while investigating a fraud case regarding mobile top-up cards last May. The scammer told police that he had redeemed all the cards for virtual currencies used in an online gambling card game. While investigating this claim, police uncovered a large online gambling ring run by two tech businessmen using online games portals that resembled professional casinos. Investigators found the portals started operating in April 2015, drawing around 14 … [Read more...] about Vietnam’s former police chief arrested in multi-million-dollar gambling case

Filed Under: International Vietnam, gambling in Vietnam, Vietnam society, police chief

Vietnam’s former police chief under probe in multi-million-dollar gambling case

April 6, 2018 by robert Leave a Comment

Vietnamese police opened a criminal investigation into a once top-ranking police official on Friday for his involvement in a massive online gambling ring that has seen dozens of arrests made in recent months, including a number of other big fish. Phan Van Vinh, former director of the General Police Department under the Ministry of Public Security, is being investigated for abuse of power on duty, said police from the northern province of Phu Tho. Police in Phu Tho uncovered the gambling ring after investigating a fraud case reported last May, in which a local was scammed out of VND55 million ($2,400) in mobile top-up cards. After being arrested, the scammer told police that he had redeemed all the cards for virtual currencies used in an online gambling card game. While investigating this claim, police uncovered a large online gambling ring run by two tech businessmen using two online games portals that resembled professional casinos. Investigators found the portals started operating in … [Read more...] about Vietnam’s former police chief under probe in multi-million-dollar gambling case

Filed Under: International Vietnam, gambling in Vietnam, Vietnam society, police chief

Two Eximbank employees face trial in fraud case

March 28, 2018 by robert Leave a Comment

Ho Ngoc Thuy and Nguyen Thi Thi, two Eximbank bankers, were escorted by the police out of their office in District 1 on Monday as part of an investigation. Earlier, the ministry issued an international WANTED NOTICE for  Le Nguyen Hung, former deputy director of Eximbank’s HCMC branch. According to police investigation, Hung forged documents to steal the money from Mrs. Chu Thi Binh, a bank customer worth VND245 billion (US$10.8 million) from 2014 to 2016. After committing the fraud, Hung quitted his job and fled overseas in February, 2017.By THUC HAN - Translated by Huong Vu Tags: Eximbank employees Eximbank’s Ho Chi Minh City branch alleged fraud case … [Read more...] about Two Eximbank employees face trial in fraud case

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Vietnamese bankers nabbed in $10.8 million fraud case

March 26, 2018 by robert Leave a Comment

Police in Ho Chi Minh City arrested two employees of a major bank on Monday and seized boxes of documents connected to an alleged fraud case that costs one customer VND245 billion ($10.8 million). Officers from the Ministry of Public Security led Ho Thi Thuy and Nguyen Thi Thi away from the office of Eximbank in District 1 in handcuffs during the afternoon. Thuy and Thi are suspected of being involved in a million-dollar fraud committed by Le Nguyen Hung, former deputy director of the bank’s HCMC office, who has fled overseas. Police have not released an official statement. The ministry issued an international warrant for Hung a month ago after an investigation found he had forged documents to steal the money from a customer, who discovered the losses late last year. Chu Thi Binh, a seafood businesswoman, had been making major deposits at the bank since 2007. Her huge savings granted her VIP status, which meant she did not have to visit the bank every time she wanted to … [Read more...] about Vietnamese bankers nabbed in $10.8 million fraud case

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Singaporean in megachurch fraud charged for trying to flee jail sentence

February 22, 2018 by robert Leave a Comment

SINGAPORE -- A Singapore church official convicted in a multimillion-dollar fraud case was charged again in court on Thursday after trying to flee the city-state on a boat a day before he was to begin serving a reduced jail sentence. The five-year long legal battle that mixed fraud and faith had gripped the wealthy southeast Asian island, where there is little tolerance of corruption. Chew Eng Han, who was the treasurer of the City Harvest Church and an investment manager, had hired a boat to escape to neighbouring Malaysia, a trip of less than an hour, when he was arrested by the coast guard on Wednesday, Singapore police said. Chew was arrested "for attempting to leave Singapore illegally," the police said in a statement, adding that their investigation continued. Chew and another man were arrested in a motor boat off the island of Pulau Ubin north of Singapore. Chew had S$5,000 in cash, the police said. Singapore media said the pair claimed to have been fishing when questioned. … [Read more...] about Singaporean in megachurch fraud charged for trying to flee jail sentence

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Vietnamese bankers stand trial in $264mn fraud case

January 7, 2018 by robert Leave a Comment

An ex-chairman of a Vietnamese joint stock commercial bank and a former executive of local lender Sacombank, along with 44 other defendants, appeared in court on Monday for their roles in causing losses of more than US$264 million for the commerical bank. The trial in Ho Chi Minh City is expected to last for a month, with more than 70 lawyers representing 46 defendants, and over 200 individuals summoned to court. The hearing is the second phase of a high-profile court case centered around Pham Cong Danh, the former chairman of the erstwhile Vietnam Construction Joint Stock Commercial Bank (VNCB), who is now standing his second trial after being convicted last year. In September 2016, Danh was sentenced to 30 years behind bars on charges of “violating the lending regulations of credit institutions” and “acting deliberately against state regulations on economic management, with serious consequences,” for his role in a separate loss of more than VND9 trillion … [Read more...] about Vietnamese bankers stand trial in $264mn fraud case

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