On March 16, Hanoi City Police announced that the Investigation Police Agency had initiated a case and prosecuted Duong Van Ninh (43 years old, Chairman of the Board of Directors and General Director of Vinink Land Joint Stock Company and Hoang Ninh Group Joint Stock Company) for the crime of "Fraudulent appropriation of property".

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Subject Duong Van Ninh at the investigation agency.

According to initial information, from 2011 to present, Ninh has registered to change the establishment of the enterprise many times, increasing the company's charter capital from 1.6 billion VND to 699 billion VND.

Specifically, on June 20, 2018, Ninh registered to establish Vinink Land Joint Stock Company, with a charter capital of 180 billion VND. Similar to the establishment of Hoang Ninh Company, Ninh only completed the registration procedures on paper, but did not actually contribute capital to Vinink Land Company.

According to the advertisement, Hoang Ninh Company will invest in buying 30 vehicles to transport passengers from Bac Giang, Bac Ninh, Hanoi to Moc Chau - Son La and vice versa.

Trusting Ninh, in October 2018, Ms. Pham (67 years old, in Hanoi) transferred capital contribution to Hoang Ninh Company of more than 170 million VND. In November 2018, Ms. Le (64 years old, in Hoang Mai district) transferred capital contribution to Hoang Ninh Company of nearly 1.6 billion VND.

In March 2019, when the investment period expired, Ms. Le met and asked Ninh to return the money. Ninh promised and committed to returning the project land. After that, Ninh appropriated all of Ms. Le's money for personal use.

At the police station, Ninh confessed to all his crimes, admitting that Vinink Land did not carry out the real estate project and ecosystem chain. Ninh said that everything was just an idea.

Police determined that, with the above tricks, Duong Van Ninh mobilized capital from many victims with a total amount of up to several billion VND. The victims contributed the most capital to Hoang Ninh Company, up to about more than 9.6 billion VND.