Vietnam alleges $12bn embezzlement by property firm and bank

HO CHI MINH CITY -- Vietnam has accused a property developer of bribery and embezzlement totaling 304 trillion dong ($12.5 billion), using "ghost companies" and an affiliate bank, in one of the largest cases in a national corruption crackdown that has rippled across the economy.

Police have recommended prosecuting 86 people involved in the alleged schemes at developer Van Thinh Phat and SCB bank, including the developer's chairwoman, as well as a state bank official, according to a Saturday post on the central government website. The case, which triggered a bank run in 2022 that prompted central bank intervention, included the creation of 1,000 shell companies, false bank loans and foreign tax shelters, the post said.