Home Credit Finance Company was misappropriated billions by employees with false records

On the morning of May 30, the Hanoi People’s Court sentenced the defendants Luong Van Hao (born in 1991, residing in Xuan Dinh ward, Bac Tu Liem district) to 12 years in prison; Bui Thi Hieu (SN 1986, resident of Van Dien town, Thanh Tri district) 13 years in prison and Vu Hong Cuong (SN 1979, in Royal City urban area, Thanh Xuan district) 15 years in prison for the crime of “fraudulent appropriation of wealth” property”.

The victim in the case is Home Credit Vietnam Finance Company Limited (abbreviated as Home Credit Company).

According to the allegation, from 2013-2014, Home Credit Company signed business cooperation agreements with shops selling motorbikes, mobile phones, home electronics, etc. in different provinces and cities across the country. country to provide services for customers to borrow money to buy goods on installments. In order to get a loan, customers need to have documents including ID card, household registration book or driving license for company staff to check and compare.

When signing the contract, the customer must be present to sign, take a photo and put it in the loan application to have a basis for loan recovery. In case the dossier has errors, the customer must correct the information and have it certified by the competent authority.

Group of three defendants in court.

Allegedly, in 2015, through internal control and fraud prevention activities, Home Credit discovered many fake credit documents and contracts. The investigation process has clarified that the defendants Hao and Hieu (both former sales staff of Home Credit Company) colluded with Cuong to appropriate money from the business.

Accordingly, from June to September 2014, Hao performed 258 credit contracts but had no real customers. Customer profile provided by Cuong.

Hao was identified by the prosecution agency, knowingly confirming untrue information on his identity documents as photocopies of his ID card, driver’s license, then making a file and credit contract and then uploading it to the system. The company’s internal website system is waiting for approval to lend money to customers. Due to trusting Hao’s contracts, Home Credit approved the loan of 258 above documents and appropriated more than 1.7 billion VND.

At the investigation agency, Hao admitted to signing the customer’s name on the purchase invoices. Defendant also failed to account for the receipt and use of the products. Also there is no paper receipt on the purchase.

Also, defendant Hieu has performed 318 credit loan contracts, but no actual customers came to buy products in installments at Viettien Import-Export and Trading One Member Co., Ltd. The defendant also confirmed falsely in the documents to complete the dossier, causing Home Credit to be appropriated more than 1.9 billion VND.

Meanwhile, defendant Cuong admitted that he directly signed the “borrower” section and was instructed by Hao, the principal to buy a phone sim to register customer’s personal information, and how to listen and answer the phone. when the company appraisal department calls. When the application is approved, Hao or Hieu will come to pick up the products that are mobile phones, ipads… for sale.

Cuong further stated that the money appropriated was used to pay the prepayment to buy the product (30% of the product value), the expense for quick approval of the dossier (about 10% of the loan amount). The rest of the money, the defendants divided among themselves for illicit benefits.

The total amount of money that Home Credit Company appropriated in the case was more than 3.6 billion VND.

According to Hoang An