On December 7, the Criminal Police Department of the Thanh Hoa Provincial Public Security received a crime report from Mr. L.X.H (born 1984) accusing several individuals of luring him into investing in a stock exchange floor and defrauding him of over VND 3.8 billion.
Within a short period, the Provincial Criminal Police arrested eight individuals involved in this investment fraud ring, including: Guo Jinguang (also known as Quach Kim Quang), born in 1983 in Hubei Province, China; Luong Vy Hao (1994); Tran Thi Cam Ngan (1995); Le Ky Nguyen (1996); Nguyen Van Thuy (1987); Lau Nhat Quy (2000); Nguyen Thi Thanh Thien (1986); and Nguyen Ngoc Tuong Vy (1999).
 Guo Jinguang (X) and the arrested individuals with confiscated evidence
|
According to the initial investigation results, Guo Jinguang, from Hubei Province, China, colluded with another Chinese national operating in Cambodia to establish companies with the purpose of opening bank accounts to receive and conceal funds for fraudulent activities. Guo Jinguang frequently entered Vietnam and used two interpreters, Tran Thi Cam Ngan and Lau Nhat Quy, to find Vietnamese individuals who could open multiple accounts and sell them to Chinese nationals operating in Cambodia.
During the police interrogation, Guo Jinguang confessed to conspiring with the Chinese national in Cambodia to direct the recruitment of Vietnamese individuals to set up businesses and companies with no actual production or trading activities. Their true purpose was money laundering. They also opened multiple bank accounts, including personal and corporate accounts, to receive and transfer fraudulent funds from Vietnamese victims, one of which was MEI YUE International Trading Co., Ltd. During the money transfer process, Guo Jinguang was responsible for providing account information, monitoring the flow of funds, and escorting the account holders to the border for biometric verification of transactions in Cambodia.
The fraudulent activities of these individuals were divided into two separate departments: one providing misleading information to lure victims into investing in a stock exchange floor, and the other creating accounts and companies to conceal the flow of money and avoid risks of being detected by authorities. These two departments operated simultaneously and in coordination throughout the entire fraud process.
The Top 10 Moments in Industry and Trade for 2024
Based on the votes from units under the Ministry of Industry and Trade and the industry’s press agencies, on December 23, 2024, the Ministry of Industry and Trade announced the top 10 standout events of the industry in 2024.
The Soaring Cost of Lunar New Year Flight Tickets Takes Off with Families’ Bonuses
The cost of air travel during the Lunar New Year period in 2025 can be astronomical for a family of four to five. They could end up spending tens of millions of Vietnamese Dong solely on plane tickets to return to their hometown for the festive season.
Unleashing Vietnam’s Potential: Crafting Exceptional Policies for a Regional and Global Financial Hub
The development of a regional and international financial center in Vietnam is of paramount importance and a key political strategy for the new era of national advancement. We must approach this task with a sense of urgency, dedication, and efficiency to ensure the swift establishment of Vietnam as a prominent financial hub on the regional and global stage.
Proposed Foreign Capital Limit of Up to 65% in the Offshore Wind Power Project Consortium
The Ministry of Industry and Trade has proposed an offshore wind power project with an attractive incentive package. During the construction phase, the project will be exempt from sea area usage fees, and for the first 12 years of operation, these fees will be reduced by 50%. Notably, the proposal includes a requirement for foreign investors to partner with Vietnamese enterprises, with foreign ownership not exceeding 65%.
Selling Wooden Furniture to the US: “Being in Vietnam is an Advantage”
Mrs. Nguyen Yen My, Senior Account Manager at Amazon Global Selling Vietnam, believes that Vietnamese-made wooden furniture is well-positioned for success in the US market, one of the largest destinations for this industry.
