Nha Tien Phat Director Sentenced to Life for Real Estate Investment Fraud

Ho Chi Minh City People's Court on July 29 sentenced Ngo Si Linh, 32, director of Nha Tien Phat Company, to life imprisonment for fraud and 14 years for bribery. His accomplice, strategic advisor Nguyen Hoai Nghia, 36, also received a life sentence for fraud. Nguyen The Tai, 30, who attempted to obstruct justice, was sentenced to 14 years in prison. According to the court's verdict, from 2019 to 2022, Linh leased several plots of land in Ho Chi Minh City, Binh Duong, Binh Phuoc, Long An, and Thai Nguyen provinces to develop apartment buildings, offices, and retail spaces. Despite knowing that many plots did not meet construction standards, Linh signed over 1,500 investment cooperation agreements, promising an annual return of 36% to attract over VND 327 billion (approximately USD 13.8 million) from investors. Investigations revealed that the majority of the funds raised were not used as promised. While initial interest payments were made to build trust, payments eventually ceased. Linh was determined to have defrauded 269 investors of over VND 127 billion (approx. USD 5.3 million) through 479 contracts, with over VND 102 billion (approx. USD 4.3 million) remaining unrecovered. Nghia, the strategic advisor, was directly involved in soliciting investments, using his director title to sign numerous personnel decisions, and earned over VND 7.2 billion (approx. USD 300,000) in commissions ranging from 1.5% to 10% of contract values. Furthermore, after being accused by investors in 2022, Linh sought Tai's help to avoid prosecution. Tai claimed connections with high-ranking officials in the Ministry of Public Security and Ho Chi Minh City Police, demanding USD 320,000. Linh, believing him, borrowed money and transferred over VND 3 billion (approx. USD 126,000) to Tai multiple times without success. Arrested in October 2023, Linh filed a complaint against Tai. Tai admitted to not knowing any officials and claimed to have communicated with an individual on Telegram who identified themselves as a prosecutor and offered to help Linh avoid charges. Tai had previously been prosecuted for fraud by the Bac Lieu Provincial Police. The court ordered Linh and Nghia to jointly compensate the victims for the defrauded VND 102 billion, with Linh responsible for VND 95 billion and Nghia for VND 7 billion. Additionally, individuals who received brokerage fees from Minh's company were ordered to return all profits. Source: VnExpress