On 1/8, the Ho Chi Minh City Police Department (PC01) concluded its investigation into Mai Vu Minh (40), Okoye Christian Ikechukwu, Eneh Davidson Caleb (35-42, Nigerian nationals), and four others, transferring the case to the People's Procuracy for prosecution on money laundering charges.
Related to the case, Pham Van Nhan (45), Duong Dai Nghia (42), Nguyen Thi Kim Ngan (41), and 11 other suspects are accused of illegally transferring currency across borders.
Nearly 300 'ghost' companies established for money laundering
The investigation revealed that Minh and accomplices connected with international criminal groups (primarily in Nigeria). They used technology to infiltrate the emails of businesses and their partners engaged in contract negotiations. They then created fake email addresses, nearly identical to legitimate ones (differing by only one character), to contact clients and provide seemingly legitimate reasons for changing the transaction accounts in invoices and contracts.
In Vietnam, Minh’s group set up nearly 300 "ghost" companies with foreign-sounding names (also similar to the clients' partners). They opened two accounts for each company, one for foreign currency and one for Vietnamese dong (VND), to receive contract payments.
Because the company names and email addresses used by this criminal group closely resembled those of legitimate businesses, numerous international partners were deceived and transferred money into the fraudulent accounts.
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Some individuals involved in the case at the time of their arrest, April/2024. Photo: Police Department |
Some individuals involved in the case at the time of their arrest, April/2024. Photo: Police Department
Ho Chi Minh City Police Department raids money laundering facilities used by criminals. Video: Police Department
Upon receiving funds into the foreign currency accounts, Minh's accomplices in Vietnam (the legal representatives of the companies) immediately exchanged the funds for VND. They then transferred the VND to other individuals' accounts and withdrew the cash, which they subsequently delivered to the criminal group.
Authorities confirmed that over 1,100 billion VND was transferred to Minh's group from foreign companies, primarily through email compromise scams targeting businesses.
The investigation has not yet identified the location or perpetrators of the email hacking. The Ho Chi Minh City Police Department is continuing to investigate through international legal assistance.
Transferring trillions of VND through gold shops and stores
The investigation also found that Minh and others, after withdrawing the cash, brought it to Yen Sao Kingfood on Le Dai Hanh Street, Phu Tho Ward (former District 11), and two branches of Duc Long gold shops to "legitimize the money transferred abroad." Pham Van Nhan and Duong Dai Nghia, who traded bird's nests between Vietnam and Cambodia, led the transfer operation.
In 2016, Nhan recognized the difficulty for individuals to transfer money between the two countries. He discussed with Nguyen Thi Thu Thuy establishing Yen Sao Kingfood as a front for illegal cross-border money transfers. In addition to the Vietnamese location, they also operated a facility in Senuevew, Phnom Penh (Cambodia).
Clients in Ho Chi Minh City wishing to transfer money to Cambodia would deposit it at Yen Sao Kingfood. Nhan would then notify staff at the Cambodian company to transfer the funds to the recipient, charging a 0.5% fee.
Records show that from 2016 to April/2024, they transferred over 4.8 million USD to Cambodia, received 4.9 million USD and 303 billion VND back to Vietnam. After deducting expenses, Thuy and Nhan profited nearly 25 billion VND.
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Evidence seized by the police. Photo: Police Department |
Evidence seized by the police. Photo: Police Department
Another network was led by Nguyen Thi Kim Duyen (also known as Mrs. Muoi, a Cambodian national), but the police have not yet apprehended her. Duyen, a currency trader in Cambodia, frequently transacted with suspect Nguyen Thi Kim Ngan.
In Vietnam, Ngan rented a storefront on Cach Mang Thang Tam Street, Tan Son Nhat Ward, as a collection and delivery point for domestic and international funds. The location, disguised as a residential house with no signage, served as a money laundering hub for funds from gold shops before being handed over to couriers.
The investigation indicates Ngan handled tens of millions of USD and trillions of VND, coordinating the flow of cash from the recipients in Vietnam to Duyen in Cambodia. From 1/12/2023 to 5/4/2024, Ngan transferred a total of 10.7 million USD and over 2,000 billion VND from Cambodia to Vietnam for Duyen, and received 8.1 million USD and over 35 billion VND from Vietnam to Cambodia.
The Duc Long gold shop branches were identified as key intermediaries in this international money laundering operation. The foreign currency (mainly USD and EUR) from defrauded international businesses was largely brought to these shops by the Vietnamese criminals.
Investigators believe Duc Long gold shops exchanged over 1,540 billion VND and 7 million USD with the suspects without issuing invoices, receipts, or filing tax declarations, potentially violating foreign exchange regulations.
This operation, which dismantled a criminal network responsible for laundering and transferring over 4,150 billion VND overseas, was conducted by the Ho Chi Minh City Police Department's Investigation Agency (PC01) in April/2024. Dozens of task forces tracked the money flow, simultaneously arresting the perpetrators and seizing over 9 billion VND, over 1.5 million USD, and other foreign currencies prepared for transfer abroad.
In addition to the more than 20 suspects whose criminal activities have been identified, authorities are continuing to gather evidence to take action against Duc Long gold shops and related individuals.
Quoc Thang
