Real estate CEO arrested for 'fraudulent appropriation of assets'

Ho Chi Minh City police on Friday initiated legal proceedings against and detained 50-year-old Nguyen Ngoc Tien, CEO of Golden Island Real Estate Services Co., Ltd (GIS), to further investigate her alleged fraudulent appropriation of assets.

Tien, wife of a late famous actor, has been accused of exploiting a brokerage agreement to independently sign capital mobilization contracts worth VND131 billion ($4.98 million), allegedly appropriating large sums of money.

Initial findings by the municipal Department of Public Security’s economic police division indicate that Tien’s alleged violations are tied to the Bung Goi luxury villa project (commercially known as Royal Streamy Villas), located in the former Cua Duong commune, Phu Quoc city of Kien Giang province (now Phu Quoc Special Zone, An Giang province) and developed by CIC Group.

In March 2018, CIC Group signed a cooperation agreement with Golden Island Real Estate Services Co., Ltd (GIS). Under the deal, Tien’s firm was only authorized to contribute capital and later act as a distributor once the project met legal conditions for sale. Its primary role was to find customers, while all contracts had to be signed directly between buyers and the developer, with payments made to the developer’s account.

However, investigators alleged that Tien exceeded her authority. Despite the project not having fulfilled financial obligations to the state, lacking construction permits, and being ineligible for sale, she allegedly directed her company to sign “investment cooperation contracts” to raise funds. In practice, this amounted to selling land “on paper” to collect money from customers.

To build trust, Tien reportedly leveraged the company’s status as an exclusive distributor to promote the project’s potential.

One victim, Nguyen Van Duoc, was introduced to the project by Luu Quan Anh, head of a real estate representative office in the Mekong Delta province of Dong Thap. In 2019, Duoc signed two investment cooperation contracts with GIS to purchase two land plots (coded C65A and C65B) worth over VND4.5 billion ($171,025). He paid more than VND4.2 billion or approximately 95% of the total value, according to the agreed payment schedule.

However, after receiving the funds, GIS failed to deliver the land as promised. When the time came to sign official purchase contracts with the developer, Tien’s company cited “planning adjustments” to delay the process. Upon further inquiry, the customer discovered that the project had not yet paid land-use fees and that GIS had no authority to collect payments or sign sales contracts.

CIC Group confirmed it had not authorized GIS to mobilize capital. The developer also accused Tien of exploiting the project’s image to misuse customer funds, seriously damaging its reputation.

Failure to provide documents to investigators

After more than two years of investigation, HCMC police said Tien’s alleged violations are significant. They have called on individuals who signed contracts with GIS to come forward. So far, in addition to Duoc, at least 12 other customers have filed complaints.

Data provided by GIS showed that the company conducted transactions involving 62 land plots for 42 customers, collecting over VND131 billion ($4.98 million). However, as of mid-2023, investigators had recorded more than VND41 billion from 13 complainants.

Amid serious violations and prolonged disputes, in 2025, the People’s Court of An Giang province ruled to annul the cooperation agreement between CIC Group and GIS. Nevertheless, the hundreds of billions of VND collected from customers have yet to be clearly accounted for, as Tien has not provided relevant documentation to investigators.

Authorities are continuing to clarify the responsibilities of related individuals and recover assets for victims.

From “real estate mogul” to criminal investigation

The arrest of Nguyen Ngoc Tien, once regarded as a prominent real estate figure in Phu Quoc, has drawn significant public attention. Behind the image of a successful CEO lies a business journey marked by ambition and accumulating risks.

Tien is known as the founder and chairwoman cum CEO of GIS, established in 2014 when the Phu Quoc property market began to boom, with initial charter capital of VND10 billion ($380,055).

In April 2018, the company doubled its capital to VND20 billion and expanded into investment consulting, brokerage, and property development. Headquartered in Ho Chi Minh City, Tien served as both CEO and legal representative.

She once positioned herself as a pioneering investor in Phu Quoc’s fast-growing resort real estate market. In its early years, GIS rapidly expanded by acquiring land funds and partnering in projects across prime locations on the island. Numerous developments, ranging from villas and townhouses to beachfront resorts, were heavily promoted to attract individual investors.

Thanks to early market entry, Tien was considered a pioneer, with most of her assets tied to land holdings and real estate projects.

Rapid expansion and dependence on investor capital

Beyond brokerage, GIS became more deeply involved in project development, from co-investment to product distribution.

Its typical business model involved partnering with developers and raising capital from customers through capital contribution or deposit contracts.

This approach fueled GIS’s rapid growth during the market boom. However, from around 2019, as the Phu Quoc market cooled, signs of slowdown emerged. The company’s profit declined while financial pressure mounted, as capital became tied up in long-term projects.

At the same time, disputes related to the company’s operations began to surface. These included financial conflicts with partners over deposit agreements - some lasting years and ending up in court - as well as complaints from customers who had paid most of their contract value but had yet to receive land after many years.

Many projects were reported to face delays, legal problems, or incomplete procedures required for construction. This eroded investor confidence and placed the company under increasing pressure to maintain cash flow and operations.