FinancialFraud

🔥 Truong My Lan, Vietnam's real estate mogul, orchestrated a massive $12 BILLION fraud, shaking the financial world to its core! Now sentenced to death, she's trying to reduce her punishment by repaying the stolen funds. Can she avoid execution by paying it back? 🤔

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Truong My Lan, a well-known Vietnamese real estate tycoon, is at the center of the country's largest-ever financial fraud case. Sentenced to death for embezzling over $12 billion, she is now making a last-ditch effort to repay part of the stolen money in hopes of having her sentence reduced and avoiding execution.

🏦 Billion-Dollar Scam – Now She's Trying to Pay It Back
According to her lawyer Giang Hong Thanh, Lan is prioritizing repayment to investors and then working on restoring funds tied to her death sentence. She has reportedly begun liquidating assets and aims to recover over 15 trillion dong ($585 million) from bond profits.

“She began working on repayments right after the first ruling,” Thanh said.

🧍‍♀️ From Market Stalls to Real Estate Empire – Then a Dramatic Fall
Born in Ho Chi Minh City, Lan started out selling cosmetics at a street market with her mother. After Vietnam’s economic reforms in 1986, she entered the real estate sector — and struck gold. By the 1990s, she had built a portfolio of hotels and restaurants.
In 2024, as head of Van Thinh Phat Group, she was arrested for orchestrating a vast financial scheme involving Saigon Commercial Bank (SCB).

⚖️ Death Penalty for Embezzlement and Money Laundering
In April 2024, Lan was sentenced to death after being found guilty of embezzling $12.3 billion from SCB over a ten-year period through fraudulent loan applications. These loans made up 93% of the bank’s total lending, leading to massive losses for thousands of investors.
Although Lan held no official executive title at SCB, the court found she controlled over 91% of the bank’s shares via a complex web of relatives, associates, and shell companies.

Government Response: Massive Bailout and Market Shock
According to Bloomberg, Vietnam’s central bank had to inject $24 billion into SCB to stabilize the bank, followed by another $26 billion to be repaid over 15 years.
Prosecutors estimate the total damage at $27 billion, roughly 6% of Vietnam’s GDP in 2023. Lan stood trial alongside 85 others, including former central bank officials, government figures, and SCB executives.
In addition to embezzlement, she was also convicted of laundering hundreds of trillions of dong and defrauding clients out of 30 trillion dong through fake bond sales.

🙏 A Desperate Plea: Lan Asks for Mercy
Lan has requested leniency from the court, but her appeal has been denied so far. Judges stated that the severity of her crimes, the scale of the damage, and the lack of mitigating factors ruled out a reduced sentence.
Her legal team has added four more attorneys in preparation for the appeal. Alongside her, 27 co-defendants have also submitted requests for lighter sentences.
The appeal hearings have begun and are expected to run until April 21. Until then, Lan’s only hope is to convince the court that repaying part of the stolen funds is enough to earn a second chance at life.

#FinancialFraud , #Vietnam , #CryptoNewsCommunity , #Fraud_alert , #worldnews

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A California resident, Ken Liem, has filed a lawsuit against three Asia-based banks, accusing them of negligence in preventing a sophisticated cryptocurrency scam that cost him nearly $1 million. The legal action, submitted to a California district court on December 31, 2024, centers on allegations that Fubon Bank Limited and Chong Hing Bank Limited, both based in Hong Kong, and Singapore’s DBS Bank Limited failed to implement adequate safeguards, enabling scammers to exploit their systems.Details of the Alleged ScamAccording to the lawsuit, Liem fell victim to a "pig butchering" scam—a scheme where fraudsters build trust over time to encourage significant financial transfers. Initiated via a LinkedIn approach in June 2023, the scammers reportedly posed as cryptocurrency investors, convincing Liem to transfer substantial funds over several months. These funds were deposited into accounts held at the defendant banks before being funneled to third-party entities.Liem’s legal representatives argue that the banks failed to execute critical Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. Such measures, they contend, could have flagged the fraudulent activities and prevented the accounts from being opened. The attorneys claim that even basic scrutiny would have revealed a lack of credible evidence regarding the legitimacy of the account holders' business activities, raising red flags.Allegations Against the BanksThe lawsuit asserts that the banks may have knowingly facilitated the scam by ignoring suspicious fund transfers. It further alleges that the banks failed to comply with the US Bank Secrecy Act, which mandates financial institutions operating in the US to maintain comprehensive transaction records and report suspicious activities to the Financial Crimes Enforcement Network (FinCEN).Liem’s legal team emphasizes that DBS Bank operates a branch in California, while Fubon and Chong Hing processed transactions through his Wells Fargo account in the US, thereby making them subject to these regulations.Accusations Against Hong Kong-Based EntitiesIn addition to the banks, the lawsuit targets Hong Kong-based companies Richou Trade Limited, FFQI Trade Limited, Xibing Limited, and Weidel Limited. These entities allegedly misappropriated Liem’s funds, falsely claiming they would be used for legitimate cryptocurrency investments. Instead, the funds were diverted to unidentified third-party accounts.Seeking JusticeLiem is requesting a jury trial and a minimum of $3 million in damages, citing financial losses and the emotional toll of the scam. At the time of writing, the accused banks and entities have not provided a response to the allegations.This case underscores the critical importance of robust KYC and AML protocols in financial institutions and highlights the growing sophistication of cryptocurrency scams targeting unsuspecting individuals.#CryptoScamAlert #KYCCompliance #FinancialFraud #CryptoNews #BankingRegulations