Australian CEO of oil and gas firm arrested for $4.9mn loan scam in Vietnam

19/10/2025 12:40

Investigators from the Ministry of Public Security have arrested Ranjit Prithviraj Thambyrajah, a 65-year-old Australian national and CEO of Nam Song Hau Trading Investing Petroleum Joint Stock Company in Can Tho City, southern Vietnam, for allegedly committing fraud to misappropriate property totaling up to US$4.9 million, the company announced on Saturday.

According to police findings, Thambyrajah allegedly misrepresented his association with a firm named Acuity Funding, claiming it could provide hundreds of millions to billions of U.S. dollars in loans to companies operating in Vietnam.

He used this assertion to secure loan-related fees totaling over $4.9 million from Nam Song Hau Trading Investing Petroleum Joint Stock Company.

On February 27 last year, Thambyrajah introduced himself as chairman and CEO of Acuity Funding and signed a loan agreement with Nam Song Hau, promising a credit line of $720 million.

The funds were to be disbursed in two phases to finance eight projects across southern Vietnam.

Under the agreement, the first phase involved a $290 million loan package, intended to help Nam Song Hau settle bank debts, address tax liabilities, support working capital, and expand operations at three projects in southern Vietnam.

The second phase would release an additional $430 million to fund some new projects, including the construction of a new plant in former Tien Giang Province, now part of Dong Thap Province, upgrades to Nam Viet Cai Rang Plant in Can Tho City, and the completion of two mixed-use projects in Can Tho.

On April 25, 2024, the board of Nam Song Hau appointed Thambyrajah as CEO, believing in his ability to secure the pledged financing.

However, Nam Song Hau chairman Mai Van Huy later reported that Thambyrajah failed to fulfill his commitments.

After prolonged delays and significant expenditures without results, Huy turned to authorities for intervention.

Tieu Bac - Khac Tam - Thai Luy / Tuoi Tre News

Link nội dung: https://news.tuoitre.vn/australian-ceo-of-oil-and-gas-firm-arrested-for-49mn-loan-scam-in-vietnam-103251019121110507.htm