A Vietnamese court on Tuesday upheld the death sentence of real estate tycoon Truong My Lan in the high-profile fraud case of $ 12 billion. However, the court said that if he returns three-fourths of the embezzled money, it is possible to convert the sentence to life imprisonment.

Lan, 67, chairwoman of real estate developer Van Thinh Phat Holdings Group, was convicted in April of embezzlement and bribery amounting to $12 billion, equivalent to three percent of the country's GDP.

Bribes were given to officials

A bribe of $5.2 million was paid to officials to cover up the fraud. This is the largest bribe recorded in the history of Vietnam. According to the BBC, Truong My Lan's journey from being a vendor seller to becoming one of the most powerful figures in Vietnam began in Ho Chi Minh City. Taking advantage of the economic reforms of 1986, she expanded her business and amassed a huge fortune by the last decade of the last century.

There was a big empire in real estate

She became the chairman of Van Thinh Phat Holdings Group. Her real estate empire was huge and she had a lot of influence. The fraudulent activities came to light after Truong My Lan was arrested in October 2022.

Prosecutors said he secretly controlled Saigan Commercial Bank, the country's fifth-largest lender. Between 2012 and 2022, Lan used multiple shell companies and third parties to devise a financial scheme involving fraudulent loan applications.