Where not and where to commit fraud

**vetran** · 11 April 2024, 13:00

Originally posted by SueEllen View Post

Don't do it in Vietnam as you are unlikely to live

BBC News - Truong My Lan: Vietnamese billionaire sentenced to death for $44bn fraud https://www.bbc.co.uk/news/world-asia-68778636

Do it in the UK as you get a prison sentence

BBC News - Universal Credit: Gang guilty of large £53.9m benefit fraud
https://www.bbc.co.uk/news/uk-england-london-68774242

what needs to follow is the banks being made responsible because they failed to follow the KYC laws.

**Chris Bryce** · 11 April 2024, 13:23

Originally posted by vetran View Post

what needs to follow is the banks being made responsible because they failed to follow the KYC laws.

Well, sort of yes. AIUI Vietnam has rules against anyone owning more than 5% or a bank but she built up a web of shell and stooge companies which collectively owned 90% of the bank and used them to bribe/pressure bank officials to make the loans (and presumably ignore the lack of repayments).

Apparently not that unusual in Vietnam but the current General Secretary has a downer on corruption. The BBC item says that this is slowing economic growth in Vietnam

Where not and where to commit fraud