CEO Charged with Fraud for Allegedly Swindling Investors Out of 17.7 Billion VND

Authorities in Da Nang have charged Le Thi Oanh, the 35-year-old CEO of Navi Investment and Development Joint Stock Company, with fraud. Oanh is accused of defrauding investors out of 17.7 billion VND (approximately $690,000 USD).

Investigators allege that between June and July 2022, Oanh knowingly misrepresented the legal status of the Dong Cau Huong An residential project in Xuan Phu commune. Despite the project not meeting the legal requirements for fundraising and lacking authorization from the developer, Oanh allegedly told six clients that the project had completed its legal procedures and offered preferential terms for 30 "diplomatic" lots. She claimed to need capital for its development.

Believing her claims, the six clients signed investment cooperation agreements, purchasing 29 lots and transferring a total of 17.721 billion VND to Oanh. However, instead of investing the funds into the project, Oanh allegedly used the money for her personal benefit. When investors requested legal documentation or updates on the project's progress, Oanh reportedly evaded them and provided false information to delay the process.

By May 2024, a settlement was reached for the return of investment funds. However, Oanh has only managed to repay over 5.6 billion VND to date. The investigation revealed that at the time of the fundraising, the Dong Cau Huong An project was still in the early stages of legal procedure finalization, with no land compensation, site clearance, or construction commencement. It was not legally permitted to solicit funds. Oanh has been banned from leaving the country due to her young child but the investigation is ongoing.