​Director of luxury villa development wanted for fraud in Nha Trang

The company director and developer of a luxury villa complex project in Nha Trang, in south-central Vietnam, is wanted for fraud and property appropriation. The Department of Police on Khanh Hoa Province has issued a wanted notice for Nguyen Viet Hung, 44, director of the Thien Nhan II Trade and Services Company and developer of the Ocean View Nha Trang Villa Complex. Officers began legal proceedings against Hung on December 19, 2017 for fraud and appropriation of property, but the company director fled his home the following week. The project, covering an area of over 63,400 square meters, was approved by the provincial People’s Committee in 2004. While the developer is only entitled to sell their villas once they have been completed and evaluated by the provincial Department of Construction, Thien Nhan II had signed contracts to sell several of the incomplete houses in a scheme to mobilize capital. The firm also sold the same piece of land to multiple clients and even offered mortgaged properties. Clients either did not receive their property as promised or were handed the realty without the sufficient paperwork to prove their legal ownership. Many decided to report the case to local police in mid-2017. As of October last year, a total of 37 land plots within the Ocean View Nha Trang project were still mortgaged by the Agribank branch in Binh Thanh District, Ho Chi Minh City, according to statistics at the Khanh Hoa land registration office. The project, advertised as meeting international standards,… [Read full story]

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