Disgraced Vietnamese real estate tycoon Truong My Lan and 33 associates are facing fresh money laundering charges in a month-long trial after orchestrating one of the largest fraud schemes in Vietnam’s history, with over 36,000 victims impacted. The ongoing anti-corruption drive has targeted high-profile individuals across sectors, with Lan’s case being a centerpiece of this effort.
Key Points:
- Truong My Lan, Vietnamese property tycoon and chair of Van Thinh Phat, is on trial for money laundering and cross-border cash trafficking.
- Previously sentenced to death for $27 billion fraud involving Saigon Commercial Bank (SCB).
- Over 36,000 victims were identified in SCB fraud; protests erupt in Hanoi.
- Allegations of $1.5 billion transferred abroad, $3 billion received from overseas.
- Trial expected to last one month in Ho Chi Minh City.
Read our reports on Truong My Lan here.
Short Narrative:
Truong My Lan, head of Van Thinh Phat, faces new charges of money laundering in connection with her previous conviction for defrauding SCB of $27 billion. Along with 33 co-defendants, she is accused of illegally transferring $1.5 billion abroad and laundering funds via fake contracts and debt settlements. The trial follows nationwide protests from victims demanding their stolen funds back, with accusations that Lan funneled billions through SCB between 2018 and 2022. Lan’s conviction and death penalty for embezzling $12.5 billion in April 2024 remain under appeal.
Actionable Insight:
Monitor this trial closely for developments, especially regarding cross-border financial movements and potential exposure to international sanctions or asset recovery efforts. Investigate potential overseas financial institutions involved in receiving the laundered funds.
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