Friday, June 21, 2024
HomeNewsCrimeJustice Served: Truong My Lan Sentenced to Death for $12.5 Billion Fraud...

Justice Served: Truong My Lan Sentenced to Death for $12.5 Billion Fraud Scam

Vietnam’s largest-ever fraud case has come to light amid a sweeping state anti-corruption campaign. Following a trial in Ho Chi Minh City, a Vietnamese court has handed down a death sentence to Truong My Lan, the chair of major developer Van Thinh Phat, for her involvement in a $12.5 billion financial fraud case, the country’s most significant on record.

Truong My Lan, 67, was found guilty of embezzlement, bribery, and violations of banking regulations. She unlawfully controlled the Saigon Joint Stock Commercial Bank (SCB) from 2012 to 2022, channeling funds through numerous fictitious companies and by offering bribes to government officials.

The extent of her alleged misappropriation amounted to roughly 3 percent of Vietnam’s GDP in 2022. Prosecutors have disclosed the seizure of over 1,000 properties linked to her.

Despite denying the charges and attributing blame to her subordinates, Truong My Lan expressed thoughts of suicide during her final remarks in court, lamenting her involvement in the banking sector, which she confessed to having limited understanding of.

The court’s severe ruling was based on the gravity of the offenses, deeming Truong My Lan the orchestrator of a sophisticated criminal network with irretrievable consequences. Her actions not only infringed upon property rights but also undermined public trust in the Party and State leadership, according to VnExpress state media.

Efecha Gold
Efecha Gold
Multimedia Expert, Journalist, and Singer.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular