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International Business Times
International Business Times
Business
Alice Philipson and Tran Thi Minh Ha

The $12.5 Billion Fraud That Has Shocked Vietnam

Nga Truong My Lan SCB Vietnam Van Thinh Phat Nurse
Retired nurse Nga is one of 42,000 victims who lost money in the scam, which has sent shockwaves through Vietnam (Credit: AFP)

Retired nurse Nga put her life savings into a bond at Vietnam's SCB bank, but now cannot access her money after being caught up with tens of thousands in a multibillion-dollar scam that has shocked the nation.

Now, property tycoon Truong My Lan is facing a trial in the country's biggest ever fraud case, accused of embezzling $12.5 billion by investigators after being arrested in a national corruption crackdown analysts say has hit the economy and unsettled foreign investors.

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