HCMC-based real estate firm investigated for fraudulent appropriation of property
Ho Chi Minh City police are investigating Sam Group JSC, a HCMC-based real estate firm, for fraudulent appropriation of property related to its unlicensed projects in the Central Highlands province of Lam Dong.
The alleged Sam World Damb'ri project by Sam Group JSC in Lam Dong province, Vietnam's Central Highlands. Photo courtesy of the company.
The projects include Sam World Damb'ri Villas, Sam Hills Loc Quang Villas, and Sam World Loc Quang Villas, located in Damb'ri, Bao Loc town, and Loc Quang, Bao Lam district.
The HCMC police said on Wednesday that the company is being probed for accepting deposits from many people though it had not been granted investment registration certificates or in-principle approvals to execute the aforementioned projects.
Sam Group signed deposit agreements to secure contracts for land transfers at the projects and accepted deposits from many individuals.
After receiving the deposits, the firm did not fulfill its commitment to sign land transfer contracts as agreed. Instead, the entire amount of money was used for other purposes.
The HCMC police have identified three victims who were defrauded of VND4 billion ($162,734) through these deposit agreements.
To serve the investigation and ensure the victims' rights, the police asked individuals who had been defrauded by Sam Group to contact them before October 10, 2024.
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