On January 9, 2024, the Police Department of Bac Giang Province decided to prosecute the case, prosecute the accused and arrest Thiem and Kien for investigation.
Subjects at the investigation agency.
Previously, in November 2023, the Police Investigation Agency of Bac Giang Province received complaints from citizens in the provinces of Bac Giang, Bac Ninh, Hanoi, Nghe An… denouncing Pham Quang. Thiem is the Chairman of the Board of Directors of Newland Group Joint Stock Company and Dang Xuan Kien is the General Director of the company. They have mobilized capital from many investors by signing a “Real Estate Investment Cooperation Contract”, then did not pay as committed but showed signs of appropriation. The investigation process determined that, from 2019 to 2022, Pham Quang Thiem established 5 different joint stock companies with the position of Chairman of the Board of Directors and General Director. Manager. These companies operate in the fields of business, consulting, brokerage, real estate auctions, and land use rights auctions, of which the main activity is Newland Group Joint Stock Company. In 2019, taking advantage of the State’s policy allowing plots of land for perennial crops to undergo procedures for converting and dividing plots, Thiem searched for large land plots near industrial parks in the area. Bac Giang province table to divide plots and sell for profit.
To have money to invest, Thiem mobilized capital from many people with a total amount of more than 50 billion VND by signing a real estate investment contract with the promise of paying high profits from 10% – 120% (during term from 5 to 30 months).
Subject Pham Quang Thiem and Dang Xuan Kien.
After receiving capital contributions, Thiem bought a number of plots of land in Yen Dung, Luc Nam, Lang Giang districts…, then divided them into plots for sale. However, after selling the land, the subject did not liquidate the contract as agreed, but only paid profits to some investors to gain trust and call for reinvestment. During the operation, because the company was making a loss and could no longer liquidate the contract, in March 2022, the subject continued to establish Newland Group Joint Stock Company with the purpose of creating a new cover to call for investment and investment. hired Dang Xuan Kien as a legal representative, holding the position of General Director. During this period, the two subjects continuously gave untrue information to investors, employees, and collaborators of the company. about investing in farm and resort projects in Viet Yen and Luc Ngan districts, Bac Giang province and Huu Lung district (Lang Son), organizing massive events to promote and offer investment packages. investment with incentives, high commission percentage, gold gift; At the same time, they directly brought employees and investors to see the locations that the subject mentioned with the purpose of creating trust for employees, collaborators, and investors. After the investors fell into the trap, the subject Taking money from later investors to pay previous investors, paying for loans and personal expenses… Based on investigation documents, up to now, the Investigation Police agency has determined that from January 15 /2022 to January 17, 2023 Pham Quang Thiem and Dang Xuan Kien signed a total of 88 real estate investment cooperation contracts, calling for capital contributions from 73 investors with a total amount of over 33 billion VND. Currently, the Police Investigation Agency of Bac Giang Provincial Police is continuing to investigate, expand the case and notify individuals and organizations that are victims (investors) in the case to know and contact them to resolve the matter accordingly. provisions of law (Contact details – Investigator Tran Nam, phone number: 088.661.9591).