AKIPRESS.COM - One of Vietnam's richest business tycoons has been arrested on suspicion of lending fraud, authorities say.

Ha Van Tham, a former chairman of the private Ocean Bank, was taken into custody in Hanoi on Friday, the ministry of interior said in a statement.

Vietnam's Central Bank also announced on Friday that it had suspended Mr Tham from his bank chairman role.

Mr Tham also owns significant stakes in hotel and real estate businesses.

His personal wealth is estimated to be several billion dollars, reports BBC. 

Local media reported that Mr Tham could be held for up to four months pending further investigations.

The Central Bank said Mr Tham was "personally responsible" for some serious violations of the law but did not give further details.