HO CHI MINH CITY: A Vietnamese property tycoon sentenced to death for fraud totalling US$27 billion was jailed for life on Thursday (Oct 17) in a related trial on money launderin
Vietnam ese property tycoon Truong My Lan looks on at a court in Ho Chi Minh City on Oct 17, 2024. for fraud totalling US$27 billion was jailed for life on Thursday in a related trial on money laundering charges, state media said.
On Thursday, a panel of three hand-picked jurors and two judges determined that Lan was guilty of money laundering and illegal cross-border trafficking of cash, according to state-controlled news site VNExpress."The court determined that Truong My Lan was the mastermind, committed the crime with sophisticated methods, many times, causing especially serious consequences ... so she was sentenced to life in prison for three crimes," VNExpress said.
Nguyen Thi Huong, who lost US$20,000 of savings to the fraud said she felt"resentment and loss of trust in the party and government".In her final words before court last week, Lan had begged for leniency, admitting she had made mistakes. "When I learned that I had lost all the money I had deposited at SCB Bank, I felt like I was losing my mind," said Huong, 33.
She then hid the origins of the money and used it to settle debts between companies or transferred the money abroad for fake contracts.
Death Penalty Money Laundering
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