HO CHI MINH CITY -- Vietnam has accused property developer Van Thinh Phat of a 30 trillion dong ($1.2 billion) fraud and said the 42,000 investors who bought its bonds should contact police amid a sweeping corruption crackdown.
A year after arresting its chairwoman and associates, the Ministry of Public Security said the funds were "fraudulently appropriated" through the company's bond issuance but would be "thoroughly recovered by all means," according to a post on the government website on Monday night. A second post on Tuesday morning directed investors "urgently" to go to their local police stations to provide "contracts related to bond trading" and other information.
