Five things to know about Vietnam’s multi-billion-dollar fraud case involving property queen Truong My Lan

[HO CHI MINH CITY] The trial of Vietnam’s biggest fraud case began on Tuesday (Mar 5), with real estate tycoon Truong My Lan taking centre stage. Along with 85 accomplices including top bank officials, she is accused of bribery and embezzlement that led Saigon Commercial Bank (SCB) to suffer staggering losses of 415 trillion dong (S$22.6 billion).

The high-profile hearing at the People’s Court of Ho Chi Minh City is set to be held over nearly two months up to Apr 29.

The charges against the 67-year-old – chair of the country’s real estate empire Van Thinh Phat (VTP) – range from bribery and violating bank regulations to embezzlement of 304 trillion dong from SCB – a bank she controlled and had “power to direct, operate, and essentially manipulate all operations”, according to reports on a government website.