Why did Vietnam’s property tycoon Truong My Lan get the death penalty?

Vietnam News: A unique news has come from Vietnam. Here, property tycoon Truong My Lan, one of the richest people in the country, has been sentenced to death. My Lan has been accused of fraud. He is accused of defrauding one lakh crore rupees from Saigon Commercial Bank (SCB). He did this in 11 years. Lan’s name is quite famous in Vietnam, she is the chairwoman of the country’s biggest property developer company ‘Van Thinh Fat’. My Lan was arrested in the year 2022, he has been accused of fraud along with violation of banking rules and bribery.

British media The Guardian has published a detailed report regarding this incident. According to the report, apart from Lan, 85 more people have been sentenced to jail. After 5 weeks of hearing in this case, the people who have now been sentenced include people like former central bankers, former government officials and some former SCB officers. In this case, the lawyers fighting the case against My Lan in the court had demanded strict action and death sentence to My Lan.

Bribes given to audit officials
According to the report, property tycoon Truong My Lan used his power from 2012 to 2022 to wrongly take loans from Saigon Commercial Bank (SCB). He kept some of this money with himself and gave some to the auditing officials to hide the fraud. SCB Bank had to suffer huge loss in this transaction.

According to Vietnamese media VN Express, between 2012 and 2022, Lan and his associates took a total of 2500 loans worth Rs 3.66 lakh crore from SCB Bank. According to the report, Lan and his associates had alone taken 93 percent of the total loan amount of the bank. Lan is accused of causing a loss of Rs 2.25 lakh crore to SCB Bank.

LAN had ownership rights on the bank
According to the report of VN Express International, Lan’s lawyers had told the court that Lan had not committed any fraud because he did not hold any official position in the bank. On the other hand, the court said that Lan had 91.5 percent ownership rights on the bank through different people, she was the top official of the bank. Lan had recruited officers in the bank as per his own wishes. After taking loan from the bank, he gave a lot of money to the auditors and kept one lakh crore with himself.

Also read: Truong My Lan: Billionaire woman got death penalty, committed the world’s biggest bank fraud, evidence in 108 boxes presented in court