Truong My Lan, a Vietnamese real estate tycoon who rose from humble beginnings, was sentenced to death after being convicted of a massive $12 billion fraud scheme. Over a decade, Lan used her controlling stake in Saigon Commercial Bank to create fake companies and illegally funnel billions in loans to her real estate projects while bribing officials. The total damages amounted to $27 billion, nearly 6% of Vietnam's 2023 GDP. While rare for financial crimes, Lan's death sentence reflects Vietnam's effort to crack down on elite corruption as it vies for foreign investment.
Vietnam tycoon sentenced to death in $12.5 billion fraud case | Reuters
What to know about the real estate tycoon sentenced to death in Vietnam’s largest fraud case | AP News
Vietnamese Real Estate Tycoon Sentenced to Death in $12 Billion Fraud Case | NYT
