Police arrest 14 people involving in Alibaba Real Estate Company’s fraud
HCM CITY — Police in HCM City have started legal proceedings against 一 四 people allegedly involved in fraud at Alibaba Real Estate Joint Stock Company.
The suspects were charged with fraudulent appropriation of property, the police reported last week.
Trang Chí Linh, legal director of Alibaba Company; Huỳnh Thị Kim Thắng, Alibaba’s chief accountant and directors of Alibaba’s subsidiaries were put into temporary custody for four months.
Among the 一 四 suspects is Nguyễn Thái Lực, director of Alibaba Tân Thành Company.
In September last year, the city’s police started criminal proceedings against Nguyễn Thái Lĩnh, Alibaba’s general director and Nguyễn Thái Luyện, Chairman of the Board and Chief Executive Officer of Alibaba to investigate allegations of fraudulent appropriation of property.
A criminal case was also opened against Alibaba for money laundering.
Nguyễn Thái Luyện and Nguyễn Thái Lĩnh established Alibaba Real Estate Joint Stock Company in 二0 一 六 with charter capital of VNĐ 一00 million (US$ 四, 三00). The company has more than 二0 subsidiaries.
Luyện owns an 八0 per cent stake at the company, while Lĩnh and Lực, Luyện’s younger brothers, are major stakeholders.
The company and its subsidiaries were accused of fraudulently offering for sale thousands of land plots in 四 八 phantom projects in HCM City and southern provinces. These land lots were agricultural land and land owned by residents.
They sold housing plots illegally and collected deposits from customers, appropriating thousands of billions of đồng.
HCM City’s investigative police have so far received reports of more than 三, 三00 victims of fraud with appropriated money totalling up to VNĐ 一. 八 trillion ($ 七 八. 二 million).
According to the ministry, violations of the law on planning, management and usage of land as well as fraudulently selling bogus projects are reportedly taking place in many localities, causing public concern.
The police are expanding the investigation. — VNS
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