Chairman Sentenced to 20 Years for 'Ecosystem' Fraud Duping Over 1,200

A chairman and his accomplices have been sentenced for orchestrating a massive fraud scheme that ensnared over 1,200 individuals. The group allegedly fabricated a "GMT ecosystem" valued at 40 trillion dong, promising lucrative returns to lure victims into their trap.

Sỹ Anh Tuyên, 50, the chairman of GMT Company, received a 20-year prison sentence. His co-defendants, Nguyễn Thị Hồng Nhung, 59, and Trần Trí Trung, 43, were sentenced to 12 and 11 years, respectively, for asset appropriation through fraud. The company's primary business was reportedly bottled water, but Tuyên, Nhung, and Trung devised a plan to deceive investors.

Victims were enticed to join the "GMT ecosystem" through a 30-day training course personally led by Tuyên. The course cost 24 million dong, with the company offering to "support" 16 million dong. Participants were promised benefits such as graduation certificates, gold rings, and job placements. Those who wished to establish member companies were required to contribute 30% of the charter capital, with GMT covering the rest. The scheme also promised an annual profit of 38% from installing bottled alkaline water production systems in member companies.

Between early 2022 and June 2025, the defendants allegedly collected nearly 90 billion dong from over 1,200 people. The funds were reportedly used for office expenses, production equipment, event organization, interest payments to investors, staff salaries, and bank interest. Despite establishing seven branches and 316 member companies nationwide, the "GMT ecosystem" had no genuine business activities.

The investigation revealed that the Ministry of Public Security's Security Investigation Agency had published notices seeking victims twice. The Supreme People's Procuracy identified 474 victims seeking compensation, totaling over 48 billion dong. The remaining over 41 billion dong, for which victims did not request reimbursement, was deemed illicit profit and confiscated for the state treasury.