News MonitoringNotable Internationals Connected to Vietnam Fraud Case. Who Are They?
Vietnam’s real estate tycoon Truong My Lan was sentenced to life imprisonment on 17 Oct 2024 for her convictions of obtaining property by fraud, money laundering and illegal cross-border money transfers. She was previously handed a death sentence in a separate trial in Apr 2024 for embezzling funds from Saigon Commercial Bank, causing damages amounting to USD 27 billion – nearly 6% of Vietnam’s GDP in 2023 (Source: The Business Times 2024). Her appeal was rejected, and the court upheld her death sentence on 3 Dec 2024. According to recent reports, Lan’s death sentence could be commuted to life imprisonment if she returns three-quarters of the defrauded amount (Source: Viet Nam News dated 3 Dec 2024).
Investigations by the Vietnam Ministry of Public Security revealed the involvement of various individuals along with a complex network of thousands of shell companies, both inside and outside Vietnam, to facilitate Truong My Lan’s illicit activities. Much has been written about her accomplices in Vietnam.
Through the Handshakes APP, an award-winning relationship analysis tool by DC Frontiers, combined with the expertise of our Consult team, a report has been compiled focusing on connections of certain non-Vietnamese individuals in this high profile case. Notably, some of them are connected to various companies in Singapore, Malaysia and Hong Kong.
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Disclaimer: This report is accurate as of 5 December 2024. Kindly review our disclaimers and terms for using this report. Please be aware that this report is meant as reference material related to the ongoing probe. The term “associate” is solely used to indicate a connection with a subject or another person of interest, and does not imply any guilt or wrongdoing.
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