Man behind bars for defrauding bank of $2 million

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VietStock FI English - 88 month(s) ago 5 readings

Nha Trang city’s police last week arrested a Hanoi man for attempting to defraud VND50 billion (US$2 million) after he claimed to possess $500 million which he wished to deposit in a local bank.

In early November, Vu Xuan Lai, 53, visited a branch of the Saigon-Hanoi Commercial Joint Stock Bank (SHB) in Nha Trang and asked to deposit VND10 trillion ($500 million) at a 3 percent annual interest rate in ten years. The current rate offered is much higher.

In return, Lai asked for $2 million in “commission.”

But Truong Ngoc Nguyen, the Branch’s Director declined, noting the unusual nature of his unprecedented request.

However, two SHB staff - Chu Thi Hang Nga, a Financial Controller, and Nguyen Thi Truc Kieu, an Accountant - illicitly opened a $2-million bank account for Lai, intending for him to proceed with the deposit.

The three met in a hotel in Nha Trang a week ago to sign a deposit contract. But after Nga and Kieu handed the man the savings book, he disappeared.

The two bank officers have been suspended, SHB said in a statement yesterday.

A commercial bank’s executive told Tuoi Tre fraudsters attempted the same trick two years ago by promising to deposit large non-existent amounts in exchange for real commissions.

The case is under investigation.

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