A woman became a billionaire from a road owner..! Death penalty for fraud worth crores!

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  • A 67 year old billionaire woman in Vietnam kept cheating for 11 years
  • Trong Mai Lane accused of fraud of Rs 1 lakh crore
  • Court sentences businesswoman Trong Mai Lane to death

Trong My Lan, a 67-year-old real estate billionaire in Vietnam’s Ho Chi Minh City, has been sentenced to death for defrauding one of the country’s biggest banks for 11 years. It is being told that this business tycoon named real estate giant Trong Mai Lan has been sentenced in a fraud case worth billions of dollars. This businesswoman is accused of committing the country’s biggest financial fraud.

According to reports, Vietnamese property tycoon Truong My Lan has been sentenced to death. He is accused of defrauding Saigon Commercial Bank (SCB) of Rs 1 lakh crore in 11 years. The accused businesswoman is the chairwoman of Lan property developer company ‘Van Thinh Phet’. He was arrested in 2022. He has been convicted on serious charges of fraud as well as violation of banking rules and bribery. This is a rare court decision in Vietnam’s history, as the death penalty is not an uncommon punishment in the country, but it is the first time that such a major financial figure has been sentenced to death.

What is the whole matter?

From 2012 to 2022, property tycoon Truong Mai Leh used his power to falsely obtain loans from Saigon Commercial Bank to benefit his company. Kept some of the money with himself and bribed audit officials to conceal the fraud. Due to which the bank suffered huge loss. According to Vietnamese media, from 2012 to 2022, Lan and his associates took 2,500 loans worth more than Rs 3.66 lakh crore, which was 93% of the total loans of Saigon Commercial Bank (SCB) during this period. Lane is also accused of causing a loss of Rs 2.25 lakh crore to the bank.

The bank lost about 27 billion dollars

Trong Mai Lan was found guilty of taking a loan of $44 billion from Saigon Commercial Bank (SCB) and the court in its decision ordered it to repay $27 billion. However, prosecutors said the amount would never be recovered. Based on arguments made during a five-week hearing, the court found that Lane illegally controlled SCB Bank between 2011 and 2022 and used it to launder money through his ghost firms. It was cleverly executed and its tracks were covered by bribed officials. Prosecutors told the court that Lane and his associates made 2,500 illegal loans worth billions of dollars to these shell companies, causing the bank a loss of approximately $27 billion.

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