In many of his schemes or next plan, Property tycoon Pham CongDanh directed or supported staff at Thien Thanh Group to issue more than expected that is 2,500 corporate bonds by selling VND900 billion ($41.09 million) worth or high value or merit of those to three other common companies. Vietnam Bank issued the direct loans to buy or purchase the bonds, with the funds that are sum of money saved or made available for a particular purpose later transferred to Danh.
Pham Cong Danh the fraud’s actions also targeted clearly defined or identified specific individuals. In one notable or famous or important person case, he withdrew an unauthorized VND5.49 trillion ($250.6 million) indirectly from the account of Tan Hiep Phat’s heiress, which was very shaming activity.
Money laundering fraud: This term money laundering dates back or misdate to the previous days. Money laundering has since a long time been used just and simply to describe any scheme by which the true origin or beginning of funds is hidden or invisible or concealed or prevented from being known and kept secret. Money laundering is the process or procedure by which large amounts of illegally or wrongly or unlawful obtained money from drug trafficking or terrorist activity or many other serious crimes is given the appearance of having originated from a legal or legitimate source. This is some of the banking fraud by country.
Property tycoon Pham Cong Danh, was along with VNCB’s general or main director Phan Thanh Mai, and also VNCB Ho Chi Minh City branch’s or sector director Mai Huu Khuong were arrested and taken into custody on charges of defrauding or illegally obtain money from others by deception of VND5 trillion ($228.3 million). Vietnam Commercial bank was bought out or purchased by the State Bank of Vietnam (SBV) the year just following for virtually nothing.
According to a previous or past years inspection carried out by State bank, VNCB’s equity and accumulated or assembled earnings or income or wages were recorded at VND2.854 trillion (-$130.3 million) and also -VND6.061 trillion (-$276.7 million) respectively. But at the end of the year financial reports or graphs showed an accumulated or assembled loss of VND8.765 trillion ($400.2 million) which is approximately a net -VND5.711 trillion (-$260.7 million) in equity which is nothing but the value of the shares issued by company. This isVietnam’s largest corruption scandal in its banking sector in recorded history.
In all type previous year’s financial audit or official inspection also revealed the suspense that an accumulated or gathered loss of trillions in equity forms that is the shared issued or provided by company. At the time of the prosecution process VNCB’s equity was reported at in minus or high loss but its total debts added up to some good amount.
Some fraudsters or dishonest or cheat persons have attached fraudulent or fake card stripe readers to publicly or openly accessible ATMs simply to gain unauthorized access to all the contents of the magnetic stripes, and also as well as access to hidden cameras simply to illegally or unlawful record users’ authorization codes. The data which is recorded by the cameras and its technical software procedures and fraudulent or fake or corrupted or criminal card stripe readers are subsequently or eventually used to produce all duplicate cards that could then in future be used to make all types of ATM withdrawals that too from the victims’ accounts.
Out of the 35 others directors or discharged in the fraud case, 20 of them were insiders that also VNCB employees and the rest or remaining were either one of the CEOs or general managers at Pham Cong Danh’s other companies.
The People’s Court which is of Ho Chi Minh City is the site of all the trial, which will appear to last an estimated or roughly calculated three weeks. The case has been referred or mentioned to as the biggest ever possible and huge financial crime or fraud in Vietnam.
At issue or story in Danh’s case are intentional or known violations of the Vietnams state’s economic management legal and illegal regulations which is a total of seven major forged withdrawals taken place which caused the official and legal and non fraud lenders a total major loss of huge amount in trillions and billions.
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