How did Nguyen Thai Luyen sell 58 Alibaba ‘ghost’ projects to 3,924 people? | News

12/19/2020 Business



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Consequently, there are 20 suspects proposed for prosecution for “fraud and appropriation of property”; 2 defendants were charged with “appropriate property fraud” and “money laundering.” In addition, 1 defendant was charged with “money laundering”.

Who is Alibaba Real Estate Chairman Nguyen Thai Luyen and why was he arrested?

Drawing 58 ‘ghost’ projects, appropriating VND 2.373 billion

According to the conclusion of the investigation, Nguyen Thai Luyen and his accomplices drew up 58 “ghost” real estate projects in Dong Nai, Ba Ria – Vung Tau and Binh Thuan provinces and then divided into illegal plots to sell. Officials signed a particularly large number of land use rights transfer contracts, appropriating 2.373 billion VND from the 3,924 damaged. Notably, in which a large number of customers are employees of Alibaba Company.
How did Nguyen Thai Luyen sell 58 Alibaba ghost projects to 3,924 people? - Photo 1

Read orders to register Alibaba headquarters

CQĐT identifies Alibaba’s ghost projects including: Alibaba Phuoc Binh Central Park; Alibaba Phuoc Binh Central Park 2; Alibaba Phuoc Thai capital; Alibaba Long Phuoc Industry; Alibaba Phu My Central City and Alibaba Phu My Central City 2; Alibaba Phu My Center City and Ali Venice City; Alibaba Center Town, Alibaba Toc Tien Residence 3, Alibaba Tan Thanh Homy City, Alibaba Tan Thanh Center City, Alibaba Tan Thanh Center City 6; Ali Aqua Nhon Trach Project; Toc Tien Residence 2, Phuoc Binh Central Park 3 (later renamed Alibaba Phuoc Binh Gold); Song Long, Long Thanh Capital, Lilama Residential Area; Tan Thanh Center City 5, Tan Thanh Riverside, an ecological park in Phuoc; Alibaba Phu My Central City 3, Alibaba Bau Can Riverside, Alibaba New Land; Tan Thanh City Center 7 …

According to CQĐT, in addition to fraudulent activities in the real estate business, Alibaba Company does not have any other legitimate business activities, so PC03 determines that all income from Alibaba Company is illegal.

From ‘ghost’ project to virtual capital contribution

At CQĐT, Luyen claimed to be a mastermind, directing all the operations of Alibaba Company and 22 legal entities. During the management process, Practice directs employees, family members and relatives to establish many legal entities. Then continue to direct these legal entities to name many bogus projects, with the goal that when the local government enforces a project by force, it does not affect the implementation of other projects.
All legal entities are strictly controlled by Luyen by dividing the main equity contribution ratio between Alibaba Company or Luyen’s younger siblings, Nguyen Thai Linh (President of Alibaba Real Estate Joint Stock Company), Nguyen Thai Luc and his wife Vo. Thi Thanh Mai. The directors on their behalf and the legal representatives only own the contributed capital that does not exceed 15% of the total share capital.
According to Luyen’s testimony, in order to guarantee capital conditions when registering the real estate business, Practice ordering the legal department to declare the registered capital for legal entities at least 20 billion VND, from Source of money from the Alibaba company. But in reality, not all members have the capital contribution as registered rates.

Additionally, Luyen also instructs employees to use an address to record business headquarters information for many legal entities and branches. All legal entities established by the practice do not do business and declare tax reports, they only use them in fraudulent activities to seize the property as an investor for bogus projects.

Luyen also has a surplus of all Alibaba income from the transfer of land use rights, fake projects, illegal self-portraits and division of agricultural land.

The KLĐT shows, this is a particularly serious and complicated case that occurs in many localities with sophisticated criminal methods and tricks. In particular, Nguyen Thai Luyen, as a mastermind, has taken advantage of legal knowledge about the transfer of land use rights to find ways to circumvent the law, creating a commercial system of real estate projects. the real multilevel model.

Specifically, Alibaba promised to pay interest, buy back at high prices, draw and distribute illegal plots on agricultural land to name the project, because the accomplices received the transfer of personal money and the illegal money collected from customers, through contracts of authorization or cooperation contracts, generates confidence in the clients about the legality of the project. Since then, he signs an agreement, transfers the rights to use the land with the Alibaba company, appropriating a particularly large amount of money.

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