Capel Company Chairman arrested for defrauding customers of more than 702 billion VND

On the afternoon of November 22, the Ho Chi Minh City Police Department announced that it had initiated a criminal case, prosecuted the accused, and temporarily detained La Quoc Truong (Chairman of the Board of Directors, legal representative of Capel Company) for the crime of "Fraudulent appropriation of property".

Authorities read the warrant for the temporary detention of La Quoc Truong.

According to the Investigation Agency, in order to have money to buy a house, buy a car and for personal expenses, La Quoc Truong came up with the idea of defrauding and appropriating people's money by using the legal entity Capel Group Joint Stock Company (abbreviated as Capel Company) to recruit employees and self-appoint high-ranking positions such as: Ms. Ha Thi Nga (General Director); Ms. Nguyen Ha Nhu Thuy (Accountant, Treasurer); Mr. Pham Hoang Nam (Assistant to the Chairman of the Board of Directors); hundreds of General Directors, Deputy General Directors, Directors, Deputy Directors, team leaders... and established 5 more branches in Hanoi, Thanh Hoa, Bac Giang, Can Tho and Nghe An provinces.

After establishing the boards and branches, the Head organized many seminars in which he presented, including a seminar to introduce Capel Group Corporation and its business and investment situation.

After signing the contract, investors transfer money to the account of Capel Company, the company only pays interest for a short time to gain trust, organizes events, seminars to promote and offer investment packages with incentives, high commission percentages. At the same time, directly take employees and investors to see the locations mentioned by the subject with the purpose of creating trust for employees, collaborators, investors to be motivated to search, call for more capital, and reinvest.

After investors fell into the trap, Truong took money from later investors to pay previous investors, pay off loans and personal expenses. After a while, Truong closed the company headquarters and fled to appropriate investors' money.

Through the investigation process, the Investigation Police Agency determined that from April 20, 2021 to April 18, 2022, La Quoc Truong signed a total of 7,959 "Business Cooperation Contracts", calling for capital contributions from investors with a total amount of more than 702 billion VND.

Regarding the fraud case of La Quoc Truong, up to now, 300 customers have sent complaints to the Ho Chi Minh City Police Department of Investigation, accusing Truong of "Fraudulent appropriation of property".

Luong Y

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