Director arrested for fraud and embezzlement of over 16 billion VND.

On the afternoon of August 8th, the Criminal Police Department of Da Nang City Police served the decisions to initiate criminal proceedings, indict the suspect, and temporarily detain Nguyen Vinh Son (30 years old, from An Thuy commune, Le Thuy district, Quang Binh province, temporarily residing in Khue My ward, Ngu Hanh Son district, Da Nang) - Director of SQ Vinh Phat Investment and Development Joint Stock Company.

Initial investigations revealed that in 2021, during a real estate transaction event held in Tam Hiep commune, Nui Thanh district, Quang Nam province, Ms. NTTV (residing in Da Nang) met Nguyen Vinh Son.

Son introduced himself as the Director of SQ Vinh Phat Investment and Development Joint Stock Company (located on Le Van Duyet Street, Son Tra District, Da Nang) and suggested that Ms. V. contact him for advice if she needed to buy or sell real estate.

Because she wanted to buy land in the An Hoa City Bay Project, Ms. V. contacted Son for advice. Within a short period (from April 2021 to May 2021), Ms. V. transferred a total of 20,2 billion VND to Son and his company on several occasions as a deposit for purchasing land in this project.

During the transaction, Son promised Ms. V. that in June 2021, upon receiving the full payment, he would hand over the land and the land title deed to her.

When the promised land and land title deeds didn't arrive as scheduled, Ms. V. investigated and learned that the developer no longer had any intention of selling the blocks and commercial/service land plots she had put down a deposit on at the An Hoa City Bay Project.

When Ms. V. contacted Son to get her money back, he returned 4 billion VND. The remaining 16,2 billion VND was invested in stocks and cryptocurrencies, and he lost it all.

The case is currently being investigated and handled by the Criminal Police Department of Da Nang City Police in accordance with the law.