The $44 Billion Deception: Vietnam's Heartbreaking Scam

Published: 28 July 2024
on channel: Wealth Wave

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Vietnamese businesswoman and billionaire tycoon Truong My Lan has been sentenced to death for financial fraud in her native Vietnam. The state-controlled newspaper Thanh Nien reports that a court in Ho Chi Minh City handed down the sentence against the 67-year-old, who was found guilty of embezzlement, bribery and breaching banking regulations as chairwoman of property developer Van Thinh Phat Holdings Group. She is alleged to have obtained around €11.6 billion through fraud. This is equivalent to almost three per cent of Vietnam's gross domestic product (GDP). It is the largest case of financial fraud in the country's history.

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