On October 23, Ho Chi Minh City Police announced they are expanding the investigation into the "Asset Appropriation Fraud" case involving Capel Group JSC, based in Thu Duc City.

In January, authorities initiated proceedings and detained La Quoc Truong, Chairman of Capel Group JSC, on fraud charges.

Authorities revealed that Truong engaged in extensive fraudulent activities to fund personal expenses, including luxury items such as houses and cars.

By exploiting Capel Group’s legal entity, he established branches in five provinces and cities, hiring numerous employees and hosting seminars in various locations. During these events, Truong exaggerated the company's potential, encouraging investment with promises of high returns, attractive dividends, and bonuses.

To create an illusion of credibility, Truong instructed his staff to use funds from new investors to pay returns to earlier participants. He also misappropriated funds to settle debts, purchase personal assets, and cover salaries and bonuses for employees.

Eventually, Truong closed the company and its branches, leaving numerous investors at a loss.

Investigations confirmed that Truong defrauded more than 4,800 individuals across 63 provinces, amassing approximately 700 billion VND.

To assist the ongoing investigation, authorities urge victims of Capel Group JSC and Truong’s scheme to contact the Economic Crime Division - Ho Chi Minh City Police (Detective Le Huu Long at 0918607007) to provide relevant information and documents.

Dam De