Vietnam says $1.2bn property bond fraud hurt 42,000 investors

Developer at heart of scandal now a symbol of country's campaign against graft

20231003 Hanoi Apartment general view

The case of property developer Van Thinh Phat has become symbolic of Vietnam's sweeping crackdown on graft in the public and private sectors. © (EPA/Jiji)

LIEN HOANG, Nikkei staff writer

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.

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