Vietnam jails luxury property tycoon over $355 mn bond scam

Hanoi: A top Vietnamese luxury property tycoon was sentenced to eight years in prison, state media said Wednesday, after he was accused of cheating th...

Hanoi: A top Vietnamese luxury property tycoon was sentenced to eight years in prison, state media said Wednesday, after he was accused of cheating thousands of investors in a $355 million bond scam.

It is the latest case in a sweeping anti-corruption probe targeting high-flying business leaders that is roiling the communist country.

More than 4,000 people, including officials and senior business figures, have been indicted in more almost 2,000 cases since 2021.

Hanoi People's Court sentenced Do Anh Dung, head of the Tan Hoang Minh group which specialises in luxury offices and apartments, to eight years in jail for fraud, according to Tuoi Tre news site.

Dung's son, Do Hoang Viet, was also sentenced to three years imprisonment, while 13 other defendants were given sentences of up to two and half years in jail.