Vietnam tycoon on death row faces new money laundering charges
Vietnamese real estate tycoon Truong My Lan, sentenced to death in April in the country's largest-ever financial fraud case, is now facing additional charges related to illegal money transfers and money laundering. According to police investigations, Lan illegally transferred $1.5 billion out of Vietnam and brought $3 billion into the country. State media reports indicate that the total amount of money moved by Lan was approximately $4.5 billion.
Lan, along with 33 other individuals, is accused of embezzling assets, money laundering, and illegal cross-border transportation of currency. The fraudulent activities were connected to Van Thinh Phat Holdings Group and Saigon Joint Stock Commercial Bank (SCB), from which Lan allegedly siphoned off funds using nearly 1,300 fake loan applications. The total damages from the scam are reported to be as high as $27 billion, equivalent to six percent of Vietnam's 2023 GDP. Lan's husband, Hong Kong billionaire Eric Chu Nap Kee, received a nine-year prison sentence for his involvement in the case.
