A senior Vietnamese property mogul, Truong My Lan, is set to stand trial accused of embezzling $12.5 billion in the country's fraud case of the century.
The chairman of prominent developer Van Thinh Phat is accused of defrauding Saigon Commercial Bank (SCB) over a decade, leaving unwary investors out of pocket.
Eighty-five people are also on trial in Ho Chi Minh City, a southern business hotspot, including former central bankers, government officials, and ex-SCB executives, including two Chinese nationals who remain at large, state media reported.
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They are accused of bribery, misuse of power, appropriation, and violating financial laws.
On Tuesday, state media released images of dozens of vans transporting the defendants to the court, which was heavily guarded inside and outside.
State media said that 78 defendants were in court, with eight on the run. The police have filed worldwide arrest orders for the fugitives.
Police have identified around 42,000 victims of the scam.
Lan, married to a wealthy Hong Kong businessman, is accused of fabricating loan applications to withdraw funds from SCB, in which she owns a 90% share.
According to police, the scheme has affected all SCB bondholders who have been unable to transfer their funds and have not received interest or principal payments since Lan's arrest in October 2022.
Since 2021, almost 4,400 persons have been indicted concerning over 1,700 graft cases.
Truong Quy Thanh, the CEO of soft drink giant Tan Hiep Phat Group, is another senior business executive targeted in the anti-corruption campaign and suspected of enormous fraud.
He and his two daughters will face charges for allegedly appropriating $31.5 million.
Do Anh Dung, chairman of developer Tan Hoang Minh Group, will also stand trial for fraudulently collecting $355 million in a bond sale to over 6,500 investors.
