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Scam of nearly 160 billion, the director of the travel company received a life sentence

Vo Thanh Long, General Director of a travel and real estate company in the West, was sentenced to life in prison by the court for defrauding hundreds of people of nearly 160 billion VND.

On March 22, the People’s Court of Hau Giang province sentenced defendant Vo Thanh Long (39 years old) and 9 under the crime of “fraudulent appropriation of property”.

Vo Thanh Long is the General Director of Cao Thang Real Estate Joint Stock Company (CP); Uoc Mo Viet International Joint Stock Company and Phu Huu eco-tourism area (in Chau Thanh district, Hau Giang province).

The trial panel sentenced defendant Long to life in prison; The remaining 9 defendants received between 7.5 years in prison and 18 years in prison.

The trial panel said that, through reviewing the evidence files, the results of the litigation at the court had enough grounds to prove that the indictment against the accused was the right person and the right crime.

Scam of nearly 160 billion, the director of the travel company received a life sentence
Defendant Long in court

Defendant Long failed to carry out the prescribed procedures to implement the Phu Huu tourist area project; does not transfer the land use rights and assets attached to the project’s land to Cao Thang Company.

However, Long directed 9 defendants to take advantage of the project to raise capital by multi-level method, appropriating nearly 160 billion VND from more than 800 victims.

According to the indictment, in 2016, defendant Long established Cao Thang Real Estate Joint Stock Company. By early 2017, Long signed a contract to receive the transfer of land use rights and assets of the Phu Huu eco-tourism area project (Chau Thanh district) for VND 26 billion.

However, Long did not carry out the legal procedures prescribed to implement the project. As well as not transferring land use rights and assets to Cao Thang Company.

The works and items in this tourist area have not been licensed. In particular, Phu Huu tourist area has not been licensed by the Department of Culture, Sports and Tourism of Hau Giang, but defendant Long and his subordinates took advantage of this project to raise capital by a multi-level method.

Scam of nearly 160 billion, the director of the travel company received a life sentence
The defendants in court

The subordinates of defendant Long gave false information such as Phu Huu tourist area with an area of ​​​​12 hectares, worth 700 billion VND, complete legal procedures to call for investment cooperation. If the investor contributes VND 50 million in capital, the profit will be divided by VND 2 million/month (for 12 months). In the 13th month, the investor gets a refund of 51 million dong.

Packages of 200-500 million dong also have the same interest rate. In addition, Long’s Cao Thang real estate company will deduct 20% of the total revenue of investment cooperation to divide it to customers…

145 people trusted, signed investment cooperation contracts, paid nearly 49 billion dong to defendant Long’s company.

In addition, defendant Long and his subordinates also committed fraud by liquidating the investment contract in the Phu Huu tourist area project; liquidate the contract to buy maintenance vouchers for civil assets of Viet Moe Company and switch to buying shares of Cao Thang Company.

To put pressure on customers to switch to buy shares of Cao Thang Company, Mr. Long announced that Viet Moc Company would stop operating. If the customer does not liquidate the contract, all the invested money will be lost.

At the same time, promise to give an extra 10-30% of the money value if customers switch to buying shares of the real estate company. In addition, Mr. Long also committed fraud through the sale of shares of Cao Thang Company, a contract of travel agency, … to appropriate a total of 816 people in 39 provinces and cities with a total amount of nearly 160 billion dong.

Goodwill

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