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GFDI Fraud Trial: Court Summons Over 7,000 Victims in 2.4 Trillion VND Case
🇻🇳 Vietnam /Crime & Justice

GFDI Fraud Trial: Court Summons Over 7,000 Victims in 2.4 Trillion VND Case

From Thanh Niên · () Vietnamese

Translated from Vietnamese, summarized and contextualized by DistantNews.

At a glance

News Named sources In the courts
  • The Da Nang City People's Court will try Nguyen Quang Hoang, CEO of GFDI Company, and accomplices for defrauding 2,400 billion VND from 7,108 victims.
  • The trial, scheduled to begin August 21, is unprecedented in scale for Da Nang, utilizing a hybrid in-person and online format across three locations to accommodate the large number of participants.
  • GFDI allegedly lured investors by promising high returns on various projects, but investigations suggest the funds were not used as advertised, leading to the massive fraud.

The Da Nang City People's Court is set to hear a massive fraud case involving GFDI Company, with over 7,000 victims summoned. The trial, commencing August 21, will see Nguyen Quang Hoang, the CEO and Chairman of GFDI, along with his associates, face charges of "fraudulent appropriation of property." This case highlights a sophisticated scheme that allegedly defrauded victims of 2,400 billion VND (approximately $100 million USD).

The trial will be held at 7:30 AM on August 21, with an estimated duration of 3 days.

— Da Nang City People's CourtThis quote provides the specific date and expected length of the trial, highlighting the logistical planning required for such a large-scale legal proceeding.

The scale of the upcoming trial is unprecedented for Da Nang, necessitating a combined in-person and online format. The central court will host five defendants and legal representatives, alongside 57 individuals with related interests. The sheer volume of participants, including 7,108 victims and hundreds more with legal standing, has led to the establishment of two additional remote courtrooms at the Tien Son Sports Palace and Trung Vuong Theater.

Nguyen Quang Hoang is accused of orchestrating the elaborate fraud. According to the indictment, GFDI, with a registered capital of 80 billion VND, operated 12 branches nationwide. Between May 2018 and November 2024, the company allegedly recruited clients by promising substantial profits from investments in diverse projects, including real estate, food and beverage, consumer goods, sports, and IT. Marketing efforts heavily utilized social media platforms like Zalo and Facebook, alongside company websites, to build trust and solicit funds.

This is a trial of an unprecedented scale in Da Nang city.

— Da Nang City People's CourtThis statement emphasizes the extraordinary size and complexity of the GFDI fraud case, underscoring its significance within the region.

Investigators allege that Hoang directed the marketing department to exaggerate the scale and profitability of these ventures. Clients were reportedly assured of high returns and the company's ability to repay principal and interest. However, the investigation suggests that the capital raised was not deployed as promised, forming the basis of the alleged fraudulent scheme. The trial is expected to last three days.

Nguyen Quang Hoang, General Director, Chairman of the Board of Members of GFDI Investment Consulting Company Limited (GFDI Company) and his accomplices are accused of 'fraudulent appropriation of property' under point a, clause 4, Article 174 of the Criminal Code.

— Da Nang City People's CourtThis quote details the specific charges and legal basis for the trial, identifying the primary defendant and the nature of the alleged crime.
DistantNews Editorial

Originally published by Thanh Niên in Vietnamese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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