Vietnamese Tycoon on Death Row Faces New Charges in Massive Fraud Case

Truong My Lan, already sentenced to death for a $27 billion fraud, is now on trial for money laundering and illegal cash transfers.

Truong My Lan, chair of Van Thinh Phat, was previously convicted for orchestrating a $12.5 billion financial fraud involving Saigon Commercial Bank (SCB).
Lan and 33 co-defendants are now facing charges of money laundering, illegal cross-border cash transfers, and additional fraud.
The fraud case impacted around 36,000 victims, prompting rare protests in Vietnam as people demand the return of their stolen investments.
Investigations revealed Lan's companies illegally transferred over $4.5 billion in and out of Vietnam between 2012 and 2022.
Lan's prosecution is part of Vietnam's intensified anti-corruption campaign, which has implicated top officials and business leaders.