Vietnam former banker gets life for $1.5 mln fraud

TN News

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A former employee of one of Vietnam's leading banks received a life sentence Wednesday for forging land and house documents and selling them to people, cheating them out of almost US$1.5 million.

Nguyen Quoc Thai, who used to work for Vietcombank in the southern province of Ba Ria-Vung Tau, resorted to the fraud after squandering away money on stocks.

The province People's Court said the 40-year-old had hired a man named Quang to forge 11 house and land-use deeds between July and October 2010 and sold them to people for VND31 billion.

He paid Quang VND110 million (US$5,280) for the forgeries.

Investigators discovered earlier that Thai had suffered heavy losses on the stock market since early 2008. He borrowed at very high interest rates from various lenders, and mortgaged his and his parents' assets, but still failed to repay his debtors.

He had planned to use the ill-gotten money to settle the debts.

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