‘Drawing cake’ of hundreds of billions of dong from the vice principal

Ms. Truong Thi Hai Yen was accused by many people of borrowing a total of nearly 270 billion VND but not paying.

Drawing up super-profitable investment projects and programs is the way that Ms. Truong Hai Yen, Vice Principal of Phuong Nam Private High School (Dinh Cong new urban area, Hoang Mai, Hanoi) mobilized hundreds of billions of dong from

Ms. Tran Nam Dung (in Hoang Mai district, Hanoi) said she was a victim and also believed in Ms. Yen’s words.

According to Ms. Dung, when they were friendly, Ms. Yen said she needed capital to invest in equipment for the school, so she asked to borrow money, promising to pay a high interest rate.

One time, Ms. Yen introduced her son who had just returned from studying abroad to Ms. Dung, saying that she needed a large amount of money to build Phuong Nam International University in Bac Ninh. If she waited too long, she would lose the opportunity.

Confessing that she was too `deluded`, Ms. Dung said she raised 80 billion VND to give to Ms. Yen in the hope of receiving an interest rate of nearly 220% a year, ten times higher than the bank.

Some people did not lend money to Ms. Yen, but became victims when they handed over their red books to ask her to borrow money for her.

Mr. Tung said that if he wanted to borrow 100 million VND, he would have to spend 15 million in application fees. Mr. Binh agreed and was taken to meet Ms. Yen.

On schedule, Mr. Binh came to see her but Ms. Yen did not hand over the money.

After many months of not receiving the loan while the red book was `lost` somewhere, Mr. Binh filed a complaint with the Soc Son District Police.

Also because he needed to borrow money, Mr. Nguyen Van Truc (in Chuong My district) was introduced to meet Ms. Yen.

A former broker revealed that Ms. Yen often pays 5-15 million VND to a tour guide who needs to borrow money.

Ms. Yen’s family’s villa in Dinh Cong urban area.

According to the investigation agency, dozens of victims accused Ms. Yen of lending a total of nearly 270 billion VND and 16 red books.

4 days after Ms. Yen and her son and sister were arrested for fraudulent appropriation of property, on the afternoon of August 27, some parents with children studying at Phuong Nam school expressed concern.

Mr. Mai Thanh Hoa, Ms. Yen’s husband, told VnExpress.net that in 1996 he contributed capital to invest in building Phuong Nam school, holding the position of Chairman of the Board of Directors.

According to Mr. Hoa, in mid-2007, after a 2-month trip to the South to visit the old battlefield, he was prevented from entering the school by security guards.

Currently, Mr. Hoa and his wife live separately. He is still the `on-paper` Chairman of the Board of Directors of the school, even though his wife has not allowed him to participate in operations and management for many years.