Bank inspector arrested in HCMC loan scam

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Police in Ho Chi Minh City Friday arrested an inspector of Agribank to investigate his culpability in a scam that misappropriated VND120 billion ($6.15 million) from the state-owned bank.

 

According to the police, Nguyen Trong Luan, 50, was in charge of inspecting loan documents of the Cat Phuong Nam Company, whose director is now being investigated for faking documents to take loans worth VND120 billion between 2005 and 2008.

 

But inspections carried out in 2006 and 2008 found nothing wrong with the documents, police said, signifing a "lack of responsibility".

 

Earlier this year, four other former officials of Agribank, including Nguyen Tam, director of the Tan Binh District branch, were also arrested on suspicion of inappropriately signing at least nine credit contracts with the company's director, Tran Huynh Nghia, who was taken into custody as well.

 

Police investigations show that Nguyen Thi Phuong Hoa, 40, former sales deputy manager of Reetech Refrigeration Electrical Engineering Joint-stock Company, could have also faked documents.

 

Hoa has not been apprehended yet.

 

The case is currently under investigation.

 

Police said this was the first time they'd arrested the inspector of an industry.

 

Nguyen Minh Thong, deputy chief of HCMC police's inspectorate, said for many years they'd never received any proposal from inspectors of industries that asked them to investigate violations and cases of corruption, while these obviously taking place.

 

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