Arrest warrant issued for firms' directors in $48.6-mln fraud

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Prosecutors in the Central Highlands province of Dak Nong Friday approved the arrest of two companies' directors for allegedly cheating a bank out of over VND1 trillion (US$48.6 million).

 

According to initial information, since 2009, Cao Bach Mai, director of Minh Nhat Services and Trade Co. Ltd., and Tran Thi Xuan, director of Nhat Tan Co. Ltd, both were located in Buon Ma Thuot Town, have faked contracts with some foreign companies to make loans from Vietnam Development Bank.

 

The duo got the loans totaling over VND1 trillion with the help of several bank officials and foreigners, according to investigators.

 

A bank in Ho Chi Minh City also signed an agreement to act as a guarantee for Mai and Xuan, meaning that it would pay their debts when they couldn't, investigators said without revealing which the bank is.

 

As the duo failed to pay their debts and was out of contact, the bank verified their documents and found all were faked, so it informed police.

 

Further investigation into the case is now underway.

 

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