Vietnamese Police Bust Alleged International Money Laundering Ring in Ho Chi Minh City, Vietnam – Vietnamese police have arrested 13 individuals suspected of operating an international money laundering and trafficking network. Those arrested included Nigerian national Eneh Davidson Caleb, 28, his Vietnamese wife Nguyen Thi Thanh Thuy, 35, and 11 other Vietnamese and foreign nationals.

According to a statement released by the Ho Chi Minh City Police Department, the suspects are believed to have laundered funds obtained through illicit means and smuggled cash across international borders over the past two years. Police detected suspicious financial transactions involving millions of dollars moving through local banks and underground money transfer networks. 

The statement reads, 

“Earlier this month, police received reports about a company in Ukraine that had been conned by a criminal group using forged email addresses. The company had agreed to transfer money into certain bank accounts in HCMC per the fraudsters’ request.

However, the police traced the money flow, and discovered the money was transferred several times before being withdrawn and brought to Cambodia.

The Vietnam police launched a full-scale investigation into the group. The  Investigators identified 13 suspects concerning the case. They discovered that the suspects had formed a total of 250 companies, either directly or by hiring someone else to do so. They had also opened fraudulent bank accounts they used for criminal activities.

Also, they identified over 100 bank accounts related to the case

Punch reported,

“Having by then accumulated all the digital evidence they needed, law enforcement agency forces raided 12 locations to seize physical evidence. At Caleb and his wife’s house, special forces confiscated 234 seals belonging to the companies formed for the sake of money laundering.”

“According to authorities the criminals had been conning foreign companies into giving them money that they would then transfer to companies formed in Vietnam, masquerading as partners of the conned firms. These funds would then be transferred internationally multiple times before being withdrawn.”

“Investigators disclosed that the cash would eventually be transferred to the Yen Sao Kingfood facility on District 11’s Le Dai Hanh Street, and the Duc Long gold shop on Tan Binh District’s Pham Van Hai Street. The money would then be transported to Cambodia.”

“Raids at the two aforementioned locations resulted in the confiscation of VND9 billion ($355,099) and $1.5 million in cash, along with other foreign currencies. Initial investigations revealed that the total value of illegal transactions at the Duc Long gold shop amounted to around VND 13 trillion.”

The Vietnamese police still have the investigation ongoing with potential further arrests and charges expected.

However, If convicted, the suspects face up to 15 years in prison for money laundering and criminal association charges. Authorities have frozen over $5 million in bank accounts and seized properties linked to the network during raids across Ho Chi Minh City. 

This arrest sends a strong message to Money launderers and abusers of the Vietnamese financial institution.

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