Property Tycoon Accused of Embezzling $12 Billion in Vietnam’s Biggest Fraud Case
Her case raises questions of whether the government can safeguard the banking system amid an explosion of wealth.
Vietnam’s sweeping anti-corruption drive has touched the highest levels of government and virtually all sectors of society.
Photographer: Maika Elan/BloombergFor several years, Truong My Lan held meetings on the 39th floor of the sleek Times Square tower in the heart of Vietnam’s commercial hub, Ho Chi Minh City. There, in a room that acted as her command center, she allegedly wove a $12 billion tapestry of fraud and corruption, according to the police reports that form the basis of a court case against her.
Authorities allege there were “ghost” companies, payoffs to government officials and a bank she illegally controlled that disbursed loans to herself and her allies worth about 11% of the nation’s 2022 GDP. Her personal driver secretly shuttled millions of dollars in cash across the city’s chaotic streets, police say. Twenty-four government inspectors — whose jobs are responsible for ensuring the health and safety of the banking system — are alleged to have taken Lan’s money to cover up violations.