Hanoi-based firm’s leaders arrested for appropriating $2.4 mln from 18 investors
CEO Nguyen Thi Khuyen and her deputy Van Dinh Toan of Hanoi-based Tam Loc Phat Group JSC have been arrested for using fraudulent "tricks" to appropriate over VND61 billion ($2.4 million) from 18 investors.
The Hanoi Police's investigative agency also conducted an emergency search of the company's headquarters in the Van Phu new urban area, Ha Dong district.
Nguyen Thi Khuyen (left) and Van Dinh Toan. Photo courtesy of Hanoi police.
According to investigators, in June 2019, Khuyen, Toan, and another person established Tam Loc Phat Communications Company Limited, which was later renamed Tam Loc Phat Group JSC.
They then set up businesses involving convenience supermarket services, fashion outfit manufacturing-trading, and real estate investment, and used Tam Loc Phat to mobilize money from investors under business/capital contribution contracts.
To create trust and attract investors, Khuyen's team paid high brokerage fees to introducers and daily interest of 2.93% per month to investors, much higher than the banks.
The Hanoi police said that about 50 level-1 representative offices of the company enjoyed 15% of the contract value as soon as the investor signed the contract and delivered money. Offices at levels 2, 3 and 4 all enjoyed a profit share of 15% of the contract value from the level-1 office. Especially, level-1 offices in southern Vietnam received 25% of the contract value.
Khuyen, 41, ran the company's overall operations, while Toan, 42, was in charge of market development and advertising to lure investors.
In addition, they bought items such as clothes, cooking oil and monosodium glutamate to demonstrate the company's business activities.
The police said that the proceeds from the investment contracts, after being deducted to pay commissions for the offices, were transferred to Tam Loc Phat Group and Khuyen's personal account to pay daily interest to investors.
Khuyen used the remaining for personal use, such as buying cars and real estate, and for paying salaries to herself, Toan, and employees.
According to investigators, since 2019, they had mobilized more than VND5.1 trillion ($200.43 million) from investors.
Since September 2023, the company has not been able to pay interest as committed and lost solvency. Khuyen and Toan are alleged to have appropriated over VND1 trillion ($39.3 million) from investors, with 18 of them filing denunciations with a total contract value of over VND61 billion ($2.4 million).
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