Vietnamese billionaire Truong My Lan was sentenced to death for her involvement in the country's biggest fraud case&nbsp;of $27 billion&nbsp;from Saigon Commercial Bank (SCB) over a decade.

Prosecutors revealed on Thursday (April 11) that the scam's total damages now stand at $27 billion, equivalent to nearly 3 per cent&nbsp;of Vietnam's gross domestic product (GDP), despite initial reports indicating $12.5 billion had been embezzled, as reported by the Guardian.

Following a five-week trial, Truong and 85 others including, former central bankers, ex-government officials, and previous SCB executives faced verdicts and sentencing in southern business hub Ho Chi Minh City Thursday (April 11) . Lan's family member speaking to&nbsp;Reuters before the verdict was out said&nbsp;she will contest the death penalty if issued.

They face charges of bribery, abuse of power, appropriation, and violations of banking law. Prosecutors wanted Lan to face the death penalty.&nbsp;

Vietnam has undergone a national corruption crackdown. Around 4,400 people have been indicted in this corruption crackdown wave. "In my desperation, I thought of death," Lan said in court last week.

She denied being a part of the money embezzlement and said, "I am so angry that I was stupid enough to get involved in this very fierce business environment -- the banking sector -- which I have little knowledge of."

Also read:&nbsp;<a href="http://wionews.com/world/ex-cfo-of-trump-organization-allen-weisselberg-sent-to-jail-for-false-testimony-in-civil-fraud-trial-709880" hreflang="en">Ex-CFO of Trump Organization Allen Weisselberg sent to jail for false testimony in civil fraud trial</a>

There have been multiple protests since Lan's arrest. According to police, there are over 42,000 victims of the fraud. Lan's husband is also a defendant in the case.

Since Lan's arrest, the fraud victims have not received interest or principal payments and are unable to withdraw their money. In 2022, the projected allocations for Lan's evaluations were&nbsp;equal to around 3% of Vietnam's GDP. More than a thousand of Lan's possessions were taken by the prosecution.

According to the authorities, $5.2 million was allegedly given as bribe (largest recorded in Vietnam)&nbsp;to SCB bankers to help cover up the fraud.

According to state media, Do Thi Nhan, the former chief of the State Bank of Vietnam's inspection team and the person who was offered the bribe, said that she was given the cash in Styrofoam boxes, but&nbsp;when she realised they were filled with cash, she refused the 'bribe'.

(With inputs from agencies)

Vietnamese billionaire Truong My Lan was sentenced to death for her involvement in the country's biggest fraud case of $27 billion from Saigon Commercial Bank (SCB) over a decade.

Vietnamese billionaire Truong My Lan was sentenced to death for her involvement in the country's biggest fraud case of $27 billion from Saigon Commercial Bank (SCB) over a decade. Prosecutors revealed on Thursday (April 11) that the scam's total damages now stand at $27 billion, equivalent to nearly 3 per cent of Vietnam's gross domestic product (GDP), despite initial reports indicating $12.5 billion had been embezzled, as reported by the Guardian. Following a five-week trial, Truong and 85 others including, former central bankers, ex-government officials, and previous SCB executives faced verdicts and sentencing in southern business hub Ho Chi Minh City Thursday (April 11) . Lan's family member speaking to Reuters before the verdict was out said she will contest the death penalty if issued. They face charges of bribery, abuse of power, appropriation, and violations of banking law. Prosecutors wanted Lan to face the death penalty. Vietnam has undergone a national corruption crackdown. Around 4,400 people have been indicted in this corruption crackdown wave. "In my desperation, I thought of death," Lan said in court last week. She denied being a part of the money embezzlement and said, "I am so angry that I was stupid enough to get involved in this very fierce business environment -- the banking sector -- which I have little knowledge of." Also read: Ex-CFO of Trump Organization Allen Weisselberg sent to jail for false testimony in civil fraud trial There have been multiple protests since Lan's arrest. According to police, there are over 42,000 victims of the fraud. Lan's husband is also a defendant in the case. Since Lan's arrest, the fraud victims have not received interest or principal payments and are unable to withdraw their money. In 2022, the projected allocations for Lan's evaluations were equal to around 3% of Vietnam's GDP. More than a thousand of Lan's possessions were taken by the prosecution. According to the authorities, $5.2 million was allegedly given as bribe (largest recorded in Vietnam) to SCB bankers to help cover up the fraud. According to state media, Do Thi Nhan, the former chief of the State Bank of Vietnam's inspection team and the person who was offered the bribe, said that she was given the cash in Styrofoam boxes, but when she realised they were filled with cash, she refused the 'bribe'. (With inputs from agencies)

Female billionaire sentenced to death for multi-billion dollar fraud in Vietnam

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Female billionaire sentenced to death for multi-billion dollar fraud in Vietnam