The Ministry of Public Security has completed its investigation into a case in which a former banking official, in collusion with others, swindled many individuals and banks of nearly VND4 trillion (US$188.7 million), and proposed that the Supreme People’s Procuracy prosecute 23 defendants. Accordingly, Huynh Thi Huyen Nhu, 35, former deputy head of the Risk Management Department of the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), is charged with “abusing trust to appropriate assets” and “counterfeiting seals and materials of agencies and organizations.” Along with Nhu, five other ex-officials of Vietinbank are charged with “violating lending regulations in operations of credit organizations.” Prominent among the other defendants is Pham Huu Chi, a loan-shark from HCMC, who is charged with “lending upon usury.” According to the investigation’s results, in early 2007, Nhu, abusing her position and trust, mobilized more than VND200 billion ($9.43 million) in capital from many banks, organizations and individual at high interest rates to invest in real estate business in HCMC, Da Nang, Ba Ria-Vung Tau, Da Lat, Quang Nam and An Giang. In order to pay the loans, since 2008 Nhu borrowed money from Chi at exorbitant interest rates of 0.5-0.6 per cent per day, which is over 10 times higher than the highest lending rate regulated by the State Bank of Vietnam (SBV) at that time. The total loans Nhu received from Chi amounted to VND17.5 billion, and Chi had earned VND6 billion as interest on the principal, investigators said. Two years later, Nhu began to fall into insolvency and thought of swindling to get money to repay her debts. From March 2010 until September 2011, Nhu, under the false pretext of mobilizing capital for two Vietinbank branches, obtained loans totaling VND4,911 billion from nine companies, three banks and three individuals. Of these funds, Nhu used more than VND925 billion to repay her previous loans and the interest thereon to four of her creditors, and appropriated the remaining amount, investigators said. Among Nhu’s victims are Asia Commercial Joint Stock Bank (ACB), Nam Viet Commercial Joint Stock Bank and the Vietnam International Bank’s HCMC Branch. During the process to get the above loans, Nhu forged nearly 200 documents, including 110 false contracts between Vietinbank’s Nha Be Branch and businesses. Notably, besides Chi, Nhu had also borrowed from another loan-shark, Nguyen Thi Phuong Hoai Trung, who had lent Nhu at interest rates that were 10.66 times higher than that of the SBV, investigators said. The total amount of interest Trung received from Nhu amounted to VND660 billion ($31.1 million). However, as Trung has gone abroad, the Supreme People’s Procuracy has canceled the decision on prosecution against Trung, according to the investigation agency.
More

PM wants Vietnamese, US universities to boost cooperation
He urged universities from both sides to strengthen cooperation, focusing on new fields such as ocean space, outer space, and underground space exploration
Read more

Ho Chi Minh City warns of rising HFMD cases
The highest case numbers were reported in Binh Tan District, District 8, and District 6
3 days ago
6 Vietnamese hospitalized in critical condition after suspected methanol poisoning
They consumed over six 500ml bottles of a fruit wine during a group tour
3 days ago
Ho Chi Minh City faces growing challenges from rapidly aging population
The city’s elderly population has been growing quickly since 2017
19 hours ago
Hanoi delays demolition of iconic ‘Shark Jaw’ building until after April 30
An official timeline to remove the building has yet to be finalized
23 hours ago
Vietnamese military forces set to travel south for upcoming Reunification Day
The military parade and public march marking the anniversary are scheduled for 8:00 am on April 30 in downtown Ho Chi Minh City
20 hours agoHighlights

Vietnam's Deputy PM Ho Duc Phoc to visit US amid looming 46% tariff
This substantial tariff is anticipated to adversely affect key Vietnamese export sectors
Latest news

Breakfast @ Tuoi Tre News — April 4
Good morning from Vietnam!

Vietnam's Deputy PM Ho Duc Phoc to visit US amid looming 46% tariff
This substantial tariff is anticipated to adversely affect key Vietnamese export sectors

AI-powered drones track down fires In German forests
Inside a green orb planted in the German countryside is a high-tech aid to prevent wildfires that have grown more common and destructive with rising global temperatures

Vietnam’s strict regulations hinder enterprises' IPOs: experts
Experts warned that even global giants like Tesla or Amazon would have struggled to raise capital had they launched in Vietnam

Southeast Asian nations, among hardest-hit by Trump tariffs, seek talks
Vietnam, slapped with 46% tariffs, said it would set up a task force

New coal capacity hit 20-year low in 2024: report
Coal accounts for just over a third of global electricity production

Number of people missing in global conflicts at new high: ICRC
Some 56,559 new missing persons were registered in 2024

Vietnam prepares for Party chief To Lam’s visit to Russia in May
Vietnam highly values Russia's contributions to multilateral organizations

Vietnam maintains 8% growth goal amid US tariff challenge
The announcement came during an emergency cabinet meeting

24,600 Vietnamese students put green initiatives on paintings
The Denmark in Your Eyes competition has garnered substantial support from elementary and lower secondary school students in Vietnam
Business
