Businessman arrested for swindling $9.5 million
Dan Tri
Updated : Fri, April 15, 2011,7:00 PM (GMT+0700)
Updated : Fri, April 15, 2011,7:00 PM (GMT+0700)
Southern Bac Ninh province police have arrested a local company director who swindled many organizations and individuals off over VND200 billion (US$9.5 million).
The arrested is Nguyen Ngoc Anh, 37, a resident of the province’s Tu Son town, who is director of Duc Thang Company.
According to the police’s investigation, Ngoc Anh last year handed to his creditor, Tran Van Hao, a Camry car as a mortgage for his loans totaling VND2.7 billion ($129,000).
This car was actually owned by Nguyen Dinh Mui, who had bought the car from Anh for VND1 billion ($47,800) but Anh later borrowed the car from Mui for travel purposes.
The local police later seized the car from Hao while he got no repayment of loans from Anh.
Anh also mobilized capital from many individuals and organizations with total mobilized capital amounting to nearly VND200 billion and the appropriated all the money.
He told their victims that he needed a large capital for his farm produce trading project and promised that he would repay the mobilized amounts and the interest on them. However, he has not paid any money to them.
Duc Thang Company has operated since 2006 in the fields of trading agricultural product and producing cattle feed.
The police are further investigating the case.
The arrested is Nguyen Ngoc Anh, 37, a resident of the province’s Tu Son town, who is director of Duc Thang Company.
According to the police’s investigation, Ngoc Anh last year handed to his creditor, Tran Van Hao, a Camry car as a mortgage for his loans totaling VND2.7 billion ($129,000).
This car was actually owned by Nguyen Dinh Mui, who had bought the car from Anh for VND1 billion ($47,800) but Anh later borrowed the car from Mui for travel purposes.
The local police later seized the car from Hao while he got no repayment of loans from Anh.
Anh also mobilized capital from many individuals and organizations with total mobilized capital amounting to nearly VND200 billion and the appropriated all the money.
He told their victims that he needed a large capital for his farm produce trading project and promised that he would repay the mobilized amounts and the interest on them. However, he has not paid any money to them.
Duc Thang Company has operated since 2006 in the fields of trading agricultural product and producing cattle feed.
The police are further investigating the case.
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