Hanoi Developer Scams $190M with Fake Projects and Ponzi Scheme
Vu Thi Thuy, the chairwoman of Hanoi-based property developer Nhat Nam, is accused of defrauding investors out of VND5 trillion (US$190 million) by promoting non-existent housing projects and operating a Ponzi scheme, as reported by prosecutors. Thuy, 42, has been charged with fraudulent appropriation of assets and money laundering. She founded Nhat Nam in 2019 and lured buyers with promises of high returns, including "168% or 192% ... within two years," depending on the scheme, according to the recent indictment. Over the next two years, she expanded her operations by establishing four additional companies and opening 32 offices across the country. The company managed to collect VND9.1 trillion from more than 43,000 investors. Of this amount, 45% was used to pay earlier investors, while VND5 trillion was allocated for various purposes. A small portion, VND204 billion, was used to purchase land lots in Hanoi and other regions. However, most of these lands were agricultura...