Vietnam says developer cheated 42,000 investors of a whopping RM5.66bil; major probe ongoing by police detectives

Image from Bloomberg

HANOI: Vietnam police are seeking assistance from investors in an ongoing investigation into real estate firm Van Thinh Phat Holdings Group that allegedly defrauded and appropriated more than 30 trillion dong (US$1.2 billion - RM5.66 billion), according to a statement on the government’s website.

Some 42,000 investors lost money, according to the investigation, the statement said.