HO CHI MINH CITY - A 36-year-old woman and her 22 accomplices involved in a major swindling case in Vietnam were put on trial by the southern Ho Chi Minh (HCM) City People's Court on Monday.

The case, which is said to be the biggest of its kind ever in the country, involved Huynh Thi Huyen Nhu and her accomplices who swindled nearly four trillion VND (189.5 million US dollars) from many individuals and banks, according to Tuoi Tre (Youth) online newspaper.

A former deputy head of the Risk Management Department of the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Nhu was arrested in September 2011, and is now charged with "swindling to appropriate assets" and " counterfeiting seals and materials of agencies and organizations."

According to the indictment, in early 2007, abusing her position and trust, Nhu mobilized more than 200 billion VND (9.47 million US dollars) from many banks, organizations and individuals at high interest rates to invest in real estate in HCM City, Da Nang, Ba Ria-Vung Tau, Da Lat, Quang Nam and An Giang provinces.

In order to repay the debt, since 2008 Nhu had borrowed as much as 17.5 billion VND (829,383 US dollars) at exorbitant interest rates of 0.5-0.6 percent per day, over 10 times higher than the highest lending rate regulated by the State Bank of Vietnam at that time.

From March 2010 to September 2011, under the pretext of mobilizing capital for two Vietinbank branches, Nhu obtained loans totaling 4,911 billion VND (232.7 million US dollars) from three individuals, nine companies and three banks by forging nearly 200 documents.

Among Nhu's victims are Asia Commercial Joint Stock Bank (ACB), Nam Viet Commercial Joint Stock Bank, and Vietnam International Bank's HCM City Branch.

Prominent among the defendants is Pham Huu Chi, a loan shark from HCM City, who is charged with "lending upon usury."

Meanwhile, others are charged with "swindling to appropriate assets", "abusing position and power while on duty", and " violating lending regulations in operations of credit organizations," Tuoi Tre reported.

Forty-seven lawyers will defend the 23 defendants at the hearing which is scheduled to last until January 25.