On June 26, the People’s Court of Dong Thap Province sentenced Vo Van Chat, 39, from Vinh Long Province, to 15 years in prison for fraudulently appropriating property.
According to court documents, Chat met a 34-year-old man identified as T.T.T.D. through a mutual acquaintance in May 2024.
Facing financial difficulties, he devised a scheme to defraud the victim by posing as an experienced stock investment expert.
Using the alias “Nguyen Van Ly,” Chat introduced himself as a successful investor who regularly mentored others in the stock market, earning him the nickname “Master Ly.”
To gain the victim’s trust, Chat promised daily investment returns of between 0.5% and 1% and guaranteed that all invested capital would be refunded in the event of any losses.
Believing these assurances, the victim transferred money to Chat on multiple occasions.
Between May and July 2024, Chat repeatedly persuaded the victim to send additional funds, claiming they were needed for stock investments and data-processing service packages.
In total, the victim transferred more than VND 2 billion (approximately US$80,000).
Investigators determined that Chat never invested the money as promised. Instead, he spent most of the funds on personal expenses.
To maintain the illusion of legitimate profits, he returned more than VND 56 million to the victim, falsely claiming it represented investment earnings.
After realizing he had been deceived, the victim reported the case to the police.
Following an investigation, authorities concluded that Chat’s actions constituted fraud and asset misappropriation.
Considering the nature and severity of the offense, the court sentenced Vo Van Chat to 15 years in prison.