Officers from the Ministry of Public Security arrested a prominent pharmaceutical executive in Ho Chi Minh on Friday afternoon.

Nguyen Minh Hung, chairman and CEO of the VN Pharma, a Ho Chi Minh City-based company, was transferred to Hanoi for further investigation that same day.

Police searched Hung’s office on Ba Thang Hai Street the same night, carting off a number of documents.

No search was conducted at Hung's home, a few blocks away.

A report by VietnamNet news website said that Hung was arrested for falsifying his company’s profile to win contracts worth billions of dong to provide drugs to local hospitals.

The three-year old company has grown at an “unbelievable speed” with many branches around the country.