Ho Chi Minh City police arrested on Tuesday the head of Agribank's Hung Vuong Branch for alleged involvement in a "cheating and arrogation of property" case.
The HCMC Public Security Department issued the decision to commence criminal proceedings against Pham Khac Dai Dien.
The department has also conducted a research of his house and office.
According to initial investigations, Dien allegedly allowed Bui Thi Kien Ha, director of Dai Viet Bao Company Ltd and deputy general director of Nhan Thuan JSC, to withdraw VND30 billion (US$1.5 million) that she had deposited before March this year.
Between December 16, 2009 and March 5 this year, Ha borrowed VND30 billion from four people for the alleged purpose of maintaining a balance in her company's account.
Dien, however, did not block the account in his bank. This allowed her to withdraw the money, but Ha has not been able to settle her debt with the four lenders.
In March, the lenders discovered that Ha had withdrawn the money from the bank.
While the case was under investigation, Dien and Ha jointly wrote the lenders' fake signatures on documents which allowed her to withdraw the money.
On November 18, Ha was arrested on charges of "cheating and arrogating property". Police said she had admitted to the alleged crime.
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