In Arpil 2009, Thuy signed a document allowing Xuan Lan Company - which has no business activities - to loan 39 billion dong.

The loan is backed by a house in Tan Phu district.

But in May last year when the company failed to pay back principal and interest, Thuy signed another contract to let Xuan Lan's partner firm Trong Bang to loan 40 billion dong.

The 40 billion dong loan, also secured against the very same house mentioned earlier, is meant for Trong Bang to pay Xuan Lan so that the latter can finally have enough cash to settle the initial 39 billion dong debt.

Trong Bang too has no business activities.

Police have so far detained three Agribank officials in the case including credit officer Huynh Trung Hieu, head of credit department Dao Phuong The and deputy director Nguyen Huu Long.

Tuoi Tre - March 15, 2011