Vietnam Property Tycoon On Trial In $12.5 Billion Fraud Case

A top Vietnamese property tycoon went on trial Tuesday along with dozens of others, accused of embezzling $12.5 billion in the country's biggest ever fraud case

Ho Chi Minh City, (APP - UrduPoint / Pakistan Point News - 5th Mar, 2024) A top Vietnamese property tycoon went on trial Tuesday along with dozens of others, accused of embezzling $12.5 billion in the country's biggest ever fraud case.

Truong My Lan, chair of major developer Van Thinh Phat, is said to have swindled the cash from Saigon Commercial Bank (SCB) over the course of a decade, leaving unsuspecting investors out of pocket.

Eighty-five others are also on trial in southern business hub Ho Chi Minh City, including former central bankers, former government officials and ex-SCB executives -- among them two Chinese nationals still at large, state media said.

They face charges including bribery, abuse of power, appropriation and violations of banking law.

State media on Tuesday showed pictures of dozens of vans carrying the defendants to the court where heavy security was on guard inside and out.

A total of 78 defendants were in court, with eight on the run, state media said. Police have issued international arrest warrants for the fugitives.