Billion-dollar real estate fraud investigated

The Investigation Police Agency under HCMC Police on January 14 announced an ongoing investigation into multiple counts of property fraud worth almost US$1 billion committed by the owner of a real estate company.

Dang Tien Truong (29), Director of King Home Land JSC based in Go Vap District, HCMC, from 2018 to 2019 scammed 22 real estate buyers of VND21.7 billion (about US$940 million) in total, preliminary investigation showed.

Truong had previously received land use right authorization from land owners in District 2, 9 in HCMC and Long Thanh District in the neighboring province of Dong Nai to have real estate procedures done on their behalf.

However, Truong instead took advantage of the land use rights to market made-up apartment projects for sale under his company’s name.

Many people who signed monetary contracts with Truong alerted the authority when he failed to hand over the land and rejected phone calls.

Police have sent an appearance notice to Dang Tien Truong’s residence but his whereabouts is currently unknown. The Investigation Police Agency will carry out legal proceedings against him 30 days after the last notice.

By Ai Chan - Translated by Tan Nghia

Other news