Vietnam: Woman tycoon Lane gets death sentence in $12.5 billion fraud case

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  • A small country has set an example when corrupt people are not afraid in India
  • A Vietnamese court sentenced a billionaire female real estate businessman to death
  • This case is considered to be Vietnam’s biggest fraud.

Even though fraud like corruption is being done in India and these people have no fear in the name of law. But Vietnam has set a big example by ordering death sentence to a builder in a fraud case. A Vietnamese court on Thursday sentenced real estate tycoon Truong My Lan to death in a 304 trillion-dong ($12.5 billion) fraud case. This case is one of the biggest fraud cases in Vietnam.

 Vietnamese real estate tycoon Truong Mylen sentenced

The tycoon’s trial began on March 5 and ended earlier than planned. The tycoon’s fraud case was the dramatic outcome of a campaign against corruption that ruling Communist Party leader Nguyen Phu Trong had promised to eliminate for years. Lan, chairman of real estate developer Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery and violating banking regulations at the end of a trial in business hub Ho Chi Minh City. After this the court sentenced him to death.

Lane admitted he was innocent

“We will fight further after seeing what we can do,” a family member said on condition of anonymity. Before the verdict, she said Lane would appeal the sentence. One of Lan’s lawyers, Nguyen Hue Thiep, said that Lan was not guilty of embezzlement and bribery charges. He said he was sentenced to death on the embezzlement charge and 20 years each for two other charges of bribery and violation of banking rules.

In Vietnam, such punishment is given for most violent and economic crimes.

The death penalty is often imposed in Vietnam in cases of fraud and violent crimes. Human rights groups say they have executed hundreds of convicts in recent years, with 84 defendants receiving sentences ranging from three years to life in prison. They include Lane’s husband, Eric Chu, a Hong Kong businessman, who was sentenced to nine years in prison, and her niece, who was sentenced to 17 years.

Lane’s businesses range from perfume to high finance.

According to reports, Lane told jurors during the trial that she started out as a cosmetics salesman in Ho Chi Minh City’s Central Market and helped her mother. According to state media, he later founded his own real estate company, Van Thinh Phet, in 1992. They got married the same year. According to investigators, he and his associates were found guilty of embezzling more than 304 trillion yen from Saigon Joint Stock Commercial Bank (SCB), which they transferred through dozens of proxies despite rules strictly limiting large stakes in the lender. Was broadcast from. were controlled effectively. Later the ACB confiscated the deposits of him and his mother.

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