Pham Thi Tuyet Nhung, 41, is accused of conspiring with others to promote nine fake real estate projects to appropriate a total VND550 billion ($23.69 million) from customers.
Nhung and Nguyen Ngoc Hoang, both directors and representatives of Angel Lina Company and Royal Golden Land Company, as well as two staff, Kien Minh Tuan and Ly Van Sinh, were all prosecuted for “fraudulent appropriation of property”.
According to the investigation, Nhung and Tran Thi My Hien, Royal Golden Land Company's representative director, sought huge tracts of land across many districts in Ho Chi Minh City.
They extended the payment period after depositing a portion of the money, while hiring designers to draw up project plans. These bogus projects were named after nine residential areas.
Hien authorized Nhung and Hoang to serve as directors and legal representatives of Royal Golden Land Company from October 2017 to June 2018 in order to have a legal entity to sign the deal.
Nhung then founded Angel Lina Company, received all of Hien's shares in Royal Golden Land, and recruited a person in the director's name.
According to authorities, these land plots had not completed land use right transfer procedures, not been converted to residential land, and not been approved by competent authorities for project development.
Regardless, Nhung and her associates still sold 558 land plots to 413 people, appropriating $23.69 million.
Nhung signed 510 contracts with 388 clients, appropriating almost $22.39 million, while Hien signed 37 contracts with 36 victims, appropriating $862,000.
Hoang, Sinh, and Tuan assisted Nhung and Hien in signing 12 contracts worth a total $430,700.
Hien is currently undergoing mandatory medical treatment, as ordered by the People's Procuracy of Ho Chi Minh City. As a result, the investigation agency has decided to temporarily halt the investigation on her wrongdoings. Once the treatment is completed she will be continued to be investigated and handled in accordance with the law.
Hien is also related to the case of Tran Thi Hong Hanh and accomplices in appropriating property at Hoang Kim Land Company and Royal Golden Land Company.