The police are scouring the country for over 42,000 victims of a massive bond fraud thought to involve VNĐ30 trillion (US$1.24 billion) by property developer Vạn Thịnh Phát.

The Ministry of Public Security is currently investigating whether Truong My Lan, chairwoman of Van Thinh Phat Holdings Group Corporation, was involved in money laundering and embezzlement at Saigon Commercial Bank (SCB).

The Supreme People's Procuracy has issued an indictment against Truong My Lan, chairwoman of property developer Van Thinh Phat Group, and 85 others in a case that occurred at Van Thinh Phat Group, SCB and other relevant units and organisations.

The $5.2 million bribe in Van Thinh Phat case is possibly the biggest ever cash bribe case. But the case is just ‘part of the iceberg’, as there are still ‘many parts underwater’.

When manipulating banking operations, Chairwoman of the Board of Directors of Van Thinh Phat Group Truong My Lan received help from 3 foreigners, as stated by the Investigation Police Agency (C03 – under the Public Security Ministry).

Police said they recommend that inspectors at the State Bank of Vietnam (SBV) be charged with accepting bribes of up to US$5.2 million from Saigon Joint Stock Commercial Bank (SCB).

In August 2017, the State Bank of Vietnam’s inter-agency inspection team was established to audit the Saigon Joint Stock Commercial Bank (SCB), encompassing its main headquarters and 12 branches.

Truong My Lan, chairwoman of Van Thinh Phat Group, has been accused of orchestrating Saigon Commercial Bank’s (SCB) operations so as to embezzle US$12.36 billion equivalent from the privately-held bank.