Hanoi. Vietnam has sentenced real estate tycoon Truong My Lan to death in its biggest ever fraud case. Real estate tycoon Truong My Lan was sentenced to death by a court in southern Vietnam’s Ho Chi Minh city on Thursday in the country’s biggest-ever financial fraud case. Government media Thanh Nien gave this information. The 67-year-old chairman of real estate company Van Thinh Fat was accused of fraud of US $ 12.5 billion. Which is about 3 percent of the country’s 2022 GDP.
He illegally controlled the Saigon Joint Stock Commercial Bank between 2012 and 2022, diverting these funds through thousands of shell companies and bribing government officials. Lan’s arrest in October 2022 was one of the most high-profile arrests in Vietnam’s ongoing anti-corruption campaign. The anti-corruption campaign has intensified since 2022.