By News Desk

Vietnamese property magnate Truong My Lan, already sentenced to death for her involvement in the nation’s largest financial fraud case, has returned to court facing additional criminal charges. The high-profile trial, taking place in Ho Chi Minh City, could last up to a month as Lan stands accused of obtaining property through fraud, laundering vast sums of money, and illegal cross-border transfers.

Lan, the chairperson of Van Thinh Phat Group, allegedly orchestrated the illegal raising of 30 trillion dong ($1.2 billion) from nearly 36,000 investors by unlawfully issuing bonds through multiple companies. Additional allegations include laundering 445 trillion dong ($18.1 billion) and conducting illegal transfers of $4.5 billion into and out of Vietnam.

Her sentencing earlier this year made headlines globally when she received the death penalty for her central role in a $12.5 billion fraud involving Saigon Commercial Bank (SCB). This fraud, representing nearly three percent of Vietnam’s 2022 GDP, and the subsequent collapse of SCB, inflicted significant financial losses on thousands of investors, leading to public protests across the country. More than 36,000 individuals have been identified as victims, including many whose life savings were wiped out.

The case has become a focal point in Vietnam’s sweeping anticorruption campaign, dubbed the “Blazing Furnace,” which intensified in 2022. It has targeted a broad spectrum of influential figures, including business executives and government officials.

Lan’s rise to power began in 1992, following Vietnam’s transition to a market-oriented economy. Starting with a small family cosmetics business, she expanded her empire into one of the country’s leading real estate firms, before becoming embroiled in this landmark corruption case.

Outside the courthouse, affected victims gathered, seeking justice and closure for the financial devastation caused by Lan’s actions.