Vietnam property developer accused of US$1.2bil bond fraud

HANOI (AFP): A major property developer in Vietnam has cheated 42,000 investors in a bond scam worth US$1.2 billion, the government said, as police urged victims to aid their investigation.

Van Thinh Phat and its affiliates were accused of illegally issuing bonds from 2018-2020 to raise money from investors, according to a statement on the government's website late Monday (Oct 2).