Luxury car dealer flees Vietnam after cheating people of $4.4mln

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Vietnamese police have filed charges of fraud against the director of an car sales company  who fled the country last month.
Nguyen Duc Dung, 36, director of the Hung Dung Trading Limited Company in Ho Chi Minh City, and his wife Nguyen Thi Bao Chau were charged with misappropriating US$4.4 million in cash as well as a car from his business partners.

According to the police, nine people, mostly automobile traders,  reported Dung's swindles to the police after they learnt he and his family had left Vietnam on March 19, reportedly for the United States.

They said Dung and his wife took advantage of the close relations with them to borrow money in many ways and have now absconded with the money.

For instance, the couple borrowed VND400 million ($19,500) from Tran Cong L of Go Vap District and mortgaged a Toyota car for the loan last July.

Dung later borrowed the car for display in his automobile showroom and sold it to two other men for $125,600.

He also borrowed VND8.5 billion ($415,000) from L. without any security.

In another case, he borrowed three land plots worth $577,000 from Quang Mau H. of Tan Binh District and used them as collateral to raise funds for his business deals.

Dung owned the Hung Dung Automobile Showroom on Cong Hoa Street in Tan Binh District. He was widely known among the automobile trading circles in Ho Chi Minh City for his showroom of luxury cars and wealthy lifestyle.

After the showroom suddenly closed on March 21, his victims realized they had been cheated and registered complaints with the police.

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