Truong My Lan sentenced to death major bank fraud case

Viral Summary: Lan sentenced to death for embezzlement, bribery, and violating banking regulations in Vietnam. Built network of fake companies for fraud.

Lan has been handed down a severe punishment for her involvement in a complex web of financial crimes. She was sentenced to death for embezzlement, 20 years for bribery, and another 20 years for violating banking regulations. The cumulative sentence ultimately resulted in the death penalty.

The Supreme People's Procuracy's indictment revealed the extent of Lan's scheme. She established a vast network of over 1,000 companies under the Van Thinh Phat group, with many managed by her relatives. Despite not holding an official position at Saigon Commercial Bank (SCB), Lan was the majority shareholder, controlling up to 91.5% of the shares.

Lan and her associates strategically placed family members in key roles within the bank, created specialized lending units at her request, and utilized thousands of fictitious companies. They colluded with other businesses to carry out their illegal activities, including fabricating loan profiles to siphon funds from SCB.

Over a four-year period, Lan orchestrated the creation of 2,527 fraudulent loan records totaling 1,066 trillion VND. By October 2022, Lan and her cohorts still owed 677.28 trillion VND in bad debts, with approximately 498 trillion VND remaining after collateral deductions.

In addition to Lan's harsh sentence, 85 other defendants received various punishments ranging from suspended imprisonment to life in prison. The case serves as a stark reminder of the consequences of financial crimes and the importance of upholding banking regulations.