The Ministry of Public Security announced on April 7 that it had apprehended a case of illegal crediting of loans worth VND433, 000 billion (US$20.73 billion).
Tan Thien Bao Uoc Nguyen Joint Stock Company, which is a registered business in Ho Chi Minh City, signed contracts with 165 businesses and organizations across the country offering loans from December 26, 2010 to January 2, 2011.
In Dak Lak alone, the company offered to provide five entities with loans totalling VND5,000 billion.
Police said that the company was not a credit lending company and therefore could not function as one, making it apparent that the company was swindling others.
Fortunately, the police stepped in at the right time to stop the company from proceeding further in its efforts to swindle other companies.
According to the police, the company registered in late 2010 in Ho Chi Minh City with a capital of just VND2 billion, but there is no account of any money in the bank.
The company claimed it was in the business of building industrial and civil works, clearing and preparing sites for construction and providing financial services.
Currently, the owner of the company, an overseas American-Vietnamese Jannie Uyen Le left Vietnam on March 30. The Police are preparing to prosecute all those responsible in this fraud scheme within the company in the coming days.