The two Vietnamese individuals Doan Van Dat and Ngyugen Hoat arrested for illegal capital rasising. Doan Van Dat is the one in charge of GGV’s operations, but Nguyen Van Hoat, who was born in 1958 in the Hong Van commune of the Thuong Tin district of Hanoi, is known to be the head of the investment group there (born in 1979, residing in Hai Phong).
What is the Case of Doan Van Dat and Ngyugen Hoat?
Doan Van Dat, who was born in 1979 and currently resides in Cong Hien commune, Vinh Bao district, Hai Phong, was sentenced to 14 years in prison on April 2 by the People’s Court of Hanoi, which opened a first-instance trial on the same day.
Prisoner, Nguyen Van Hoat was sentenced to three years in prison for the crime of “fraudulent appropriation of property” in accordance with the provisions of Article 174 of the Criminal Code of 2015. He was born in 1958 in the Hong Van commune of the Thuong Tin district of Hanoi.
According to the indictment presented by the Hanoi People’s Procuracy, in April of 2016, Dat introduced a friend to invest in the project of GGV Company (Global Gaming Venture Limited) and was also introduced to meet the Marketing Director of the company. Both of these events took place in Hanoi. This business is known as Anson Yang (real name is Yeo Alex Siak Chuan, born in 1979, Singapore nationality).
Dat participated in the project investment and was paid the profit as committed by the company. This came about after Dat was directly introduced to the opportunity to invest in a project being developed by GGV Company in order to enjoy profits. Following that, Dat made the decision to get involved in the process of developing the GGV system in Vietnam.
Even after he found out that the British GGV Group did not have a representative office in Vietnam and that it was not licenced to conduct business there, Dat continued to actively assist Anson Yang and Anson Yang’s accomplice Wu Run Hua in organising the mobilisation of a large number of Vietnamese individuals’ illegal capital.
Illegally operating as a representative office for GGV Vietnam, Dat rented a room in a building located on Khuat Duy Tien street. That attracts a large number of people by spreading false information about the GGV Group’s efforts to raise capital from investors in order to construct and run casinos and entertainment venues, as well as to enjoy high profits.
The investment does not require the signing of a contract, and each investor will be required to create an account (ID) in order to keep tabs on both the principal and the interest accrued on it. However, despite the fact that Anson Yang has not distributed profits to GGV Vietnam investors since January 2017, Dat continues to collect funds from those investors. The total of more than 22 billion Vietnamese dong (VND), which had been amassed, was stolen by Dat and his accomplices, and then divided among them.
Since Anson Yang ceased distributing profits to Vietnamese investors in January of 2017, the indictment concludes that Dat has been responsible for the situation. As a result, the overall sum that has been set aside for the 15 victims comes to more than 4.4 billion Vietnamese dong.
According to the evidence presented in this case, the defendant Hoat was found to be the head of the investment group in GGV, which was operating under the supervision of Dat.
It is common knowledge that the GGV system stopped paying profits to investors as of March 15, 2017, and the newly deposited money will not be returned to the UK GGV Group; despite this, Mr. Nguyen Manh T. was still invited to take part in the investment and was required to pay 1 billion VND. These funds were appropriated by Dat and Hoat, and then divided between them.
Anson Yang and Wu Run Hua allegedly led a fraud ring that appropriated the assets of those who paid money to invest in the GGV Vietnam project, according to the documents gathered during the investigation into the matter.
The aforementioned topics, as presented by Dat, encourage other Vietnamese individuals to contribute financial resources in order to invest in the GGV project, which promises a high rate of return. Anson Yang and Wu Run Hua emigrated out of the country once they had amassed a substantial amount of wealth.
An arrest warrant has been issued by the investigation agency for the two foreign nationals that were discussed earlier. The investigation agency has separated the criminal case for the crime of fraud to the appropriate property of both of these subjects so that it can be handled later if the two suspects are ever apprehended. This is due to the fact that the two individuals in question have not yet been arrested.
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