Bank official arrested over misappropriation in central Vietnam

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Police in the central city of Da Nang on Thursday arrested an official of the Saigon-Hanoi Joint Stock Commercial Bank for allegedly faking documents to pocket more than VND14 billion (US$666,000).

Le Nu Da Thao, 31, who worked at SHB's Da Nang branch, is now being investigated on charges of "abusing trust to appropriate others' properties."

According to a report on local news website VnExpress Friday, the bank branch's leaders asked Thao to open an account at the Nam Viet Bank (NaviBank) with VND22 billion (US$1 million) of the bank's money to enjoy a higher interest rate.

Thao later claimed that she lost the contract with the NaviBank and asked to be provided with another contract. She then mortgaged the new contract for a loan of VND14 billion, the news site said.

The woman spent the appropriated money on securities and personal expenditures.

VnExpress quoted an unnamed source as saying that many others, including bank officials, were involved in the case.

Investigations into the case are underway.

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