Property company director arrested for fraud
Lo Thi Loan, director of Tuong Hy Quan Real Estate Company in Binh Duong province, and her husband were accused of drawing up a fake real estate project to appropriate VND130 billion ($5.6 million) from many customers.
Loan, 43, and her husband Chau Minh Son, 44, were detained by Binh Duong’s police on Tuesday for further investigation on “fraudulent appropriation of property”.
Chau Minh Son and his fake project in Binh Duong province, southern Vietnam. Photo courtesy of VTC.
According to the investigation, in 2018, Tuong Hy Quan Company agreed to buy 13 land plots with a total area of over 64,000 square meters from people in Ben Cat town.
Although the company had only made a deposit and not yet completed procedures to have the land transferred, it applied for permit to develop a residential complex project called Chanh Phu Hoa.
The project had not been licensed by authorities, but Loan and her husband hired Dat Viet Company to draw it and be an exclusive broker to sell 300 land plots to customers, earning more than VND129 billion. Loan directly sold 41 land plots to appropriate VND27.5 billion.
Up to 179 victims have filed a petition against the couple.
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