Can Tho City’s People’s Court on Friday jailed two men involved in a Colony Invest investment scam for fraud.
Nguyen Hong Van, 56, and Nguyen Van Tinh, 36, from Ho Chi Minh City, were respectively sentenced to seven and 12 years in jail for “fraud and usurping others’ property.”
Van and Tinh were arrested in November and December respectively 2007 and held while police completed their investigations.
According to the verdict, Van and Tinh in 2007 claimed that Colony Invest Management Limited was a global corporation that had begun its multilevel investment business in Vietnam via the site www.colonyinvest.net and promised high returns on investments.
The pair and other ring members swindled residents in Can Tho City and Mekong Delta provinces out of at least VND8.7 billion (US$488,500), the court said.
Reported by Mai Tram