HANOI– Truong My Lan, a 68-year-old Vietnamese property mogul, lost her appeal against a death sentence for orchestrating the world’s largest banking fraud. Found guilty of misappropriating $27 billion and embezzling $12 billion via Saigon Commercial Bank, her punishment is among the harshest for white-collar crimes in Vietnam.

To avoid execution, Lan must return $9 billion—75% of the embezzled funds. While Tuesday’s court upheld her sentence, she can still petition the president for clemency. This landmark case spotlights Vietnam’s strict stance on financial crimes.