On June 21, 2025, the Security investigation agency under the Ministry of public security issued a decision to prosecute and temporarily detain Mr. Sy Anh Tuyen, born in 1976, residing in Dong Yen commune, Quoc Oai district, Hanoi, chairman of the board of directors of GMT water joint stock company, for the crime of “fraudulent appropriation of assets” under Clause 4, Article 174 of the penal code.
Hanoi detective, at the same time, the authorities searched his residence and workplace, as well as those of several related individuals.
All procedural decisions were approved by the Supreme people’s procuracy, Vietnam detective service agency.
According to the initial investigation, since 2019, Mr. Tuyen and several accomplices established and operated a corporate ecosystem based on a multi-level marketing model, with GMT Water Joint Stock Company at the core.
The group is accused of using fraudulent tactics to entice people to invest, including exaggerating the company’s registered capital to an astonishing VND 42,000 billion—far beyond its actual scale.
Furthermore, Tuyen and his associates promoted a project to produce bottled alkaline ionized water, claiming high profitability. Investors were promised high returns, weekly payouts, and the opportunity to become shareholders.
However, instead of directing people to transfer funds to the company’s official bank account, they instructed them to send money to personal accounts, making it easier to misappropriate the funds.
After collecting hundreds of billions of dong from investors across the country, the suspects allegedly used most of the money for personal purposes rather than for production or business as promised.
These actions caused substantial financial damage to numerous victims and seriously affected the investment environment and economic security in multiple regions.
The case is currently under expanded investigation. Authorities are calling on individuals who have invested in GMT water joint stock company or who have relevant information to come forward and cooperate to protect their rights and assist the investigation.
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