Vietnam central bank inspector arrested for appropriating $226,000
Pham Trong Cuong, an inspector at the State Bank of Vietnam's Ho Chi Minh City Branch, has been accused of using fake documents to borrow VND5.5 billion ($226,000) from a financial company and then appropriating it.
Cuong, 42, was detained by the HCMC Police's investigative agency (PC01) on Monday for fraudulent appropriation of property and using fake seals and documents.

Pham Trong Cuong at a police station in HCMC, southern Vietnam. Photo courtesy of the police.
Cuong had a VietCapital Bank loan that was overdue and no money to pay interest. In addition, he owed more than VND4 billion ($164,000) to various sources, so he needed to liquidate real estate on Phan Dang Luu street, Ward 1, Phu Nhuan district, HCMC.
According to the investigative agency, in 2021, Cuong needed money while his house was mortgaged at VietCapital Bank, so he hired a person to make forged "loan approval" documents from state-run Agribank - West Saigon Branch with the content "agreed to lend VND9.3 billion" so he could use it as collateral.
With this document, Cuong approached Vay Online247 Company to "temporarily borrow" VND5.5 billion. When the financial company sent its staff to verify the documents, Cuong asked a contact to pretend to be an Agribank - West Saigon Branch employee, hand over the fake documents and provide false information about the "loan balance" at VietCapital Bank.
The trick worked and Cuong received VND5.5 billion ($226,000) in a loan from Vay Online247 Company, which he appropriated.
Receiving a complaint from the financial company, PC01 launched an investigation and arrested Cuong.
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