Two foreigners are wanted by authorities for their alleged involvement in illegal cross-border transfers of US$4.5 billion related to Van Thinh Phat group and its chairwoman, Truong My Lan.

Police are urging Van Thinh Phat group to collaborate with Tan Viet Securities and Saigon Commercial Joint Stock Bank (SCB) to compensate over 35,000 victims in a billion-dollar bond fraud case, considered the most severe in Vietnam’s history.

In the second phase of the Van Thinh Phat case, the investigative agency has uncovered illicit financial activities abroad, involving over 106 trillion VND (equivalent to $4.5 billion) orchestrated by Truong My Lan and other individuals.

Victims of the billion-dollar Van Thinh Phat bond fraud case are urging authorities to expedite the investigation since they face financial ruin.

In the second phase of the Van Thinh Phat case, the Investigation Agency has undertaken extensive measures to freeze, seize, and temporarily detain a substantial amount of assets linked to Truong My Lan and other defendants.

The police have recommended prosecuting convicted property tycoon Truong My Lan and 33 others for fraudulent appropriation of assets, money laundering and illegal cross-border currency trafficking, the ministry released on June 5.

Police are continuing to urge victims to come forward and provide any relevant information and documents in a VNĐ30 trillion (US$1.18 billion) bond fraud case, part of what is considered the largest financial scandal in Vietnam’s history.

The Ministry of Public Security is urging victims who bought bonds from Van Thinh Phat Group and three affiliated companies to provide information and documents to aid the ongoing investigation into a massive fraud scheme.

Truong My Lan, chairwoman of Van Thinh Phat Holdings Group Corporation, has appealed against the death sentence imposed on her by the lower court, said local media reports.

Several businesses linked to Van Thinh Phat Group are grappling with a huge debt burden amounting to VND52.4 trillion, the Ministry of Finance said.

Truong My Lan, Chairwoman of property developer Van Thinh Phat Group, was sentenced to death at the first-instance trial in Ho Chi Minh City on April 11.

The business run by Truong My Lan and her family, the president of Van Thinh Phat Group, holds 93.6 percent of the Daewoo Hanoi Hotel stake. The hotel is among the most valuable in Vietnam and has changed hands many times.

Truong My Lan, chairwoman of real estate developer Van Thinh Phat, is facing death penalty for bribery, violating bank regulations and embezzlement, which is considered the largest financial scandal in Southeast Asia.

During an ongoing trial in HCM City, the 68-year-old real estate tycoon said she would use her personal assets, excluding those seized and frozen by the police, to resolve the consequences of the fraud case if found guilty.

The chairwoman of major developer Van Thinh Phat went on trial Tuesday along with dozens of others, accused of embezzling US$12.5 billion in Vietnam's largest financial fraud case.

The Ho Chi Minh City People's Court on March 5 began the first-instance trial on a major case involving property developer Van Thinh Phat Group, Saigon Commercial Bank (SCB) and relevant units.

The police agency transported all 81 defendants involved in the case at Van Thinh Phat Group, SCB, and associated entities and organizations to HCMC for trial on February 21.

The trial of Truong My Lan, chairwoman of property developer Van Thinh Phat accused of bribery, violating bank regulations and embezzlement at the Saigon Commercial Joint Stock Bank (SCB) will begin on March 5 at HCM City People’s Court.

Nguyen Van Nen, secretary of the city Party Committee, said it is important to also complete the trial of Truong My Lan this year since the case has caused public anger.

The police are scouring the country for over 42,000 victims of a massive bond fraud thought to involve VNĐ30 trillion (US$1.24 billion) by property developer Vạn Thịnh Phát.