A court in the central province of Ha Tinh Tuesday sentenced a South Korean businessman to 15 years in jail for cheating people out of US$276,000.
Between March and June last year Her Hyun-jae, owner of a construction company called VIKONEX Bookang South Korea, invited bids and collected money from several companies for building infrastructure for an economic zone in Ha Tinh.
In reality his company never had a license for such a project.
In all, he got VND5.75 billion ($276,000) out of the companies before his victims discovered the fraud.
He has returned more than half of the money, and the court ordered him to pay up the rest.
Her, 65, had arrived in Vietnam and set up the company in 2009.
He was arrested by Ha Tinh police in June this year under a warrant by South Korean police, after he cheated another Korean man out of $420,000 using the same scam.