Complicit Relatives Open Bank Accounts for Fraudsters
On September 27, the Hanoi People’s Court sentenced several defendants: Nguyễn Thị Thanh Huyền (26, from Đắk Lắk) to 8 years in prison; Lê Văn Xuân (40, Hanoi) and Nguyễn Văn Tốn (29, Hanoi) each to 7 years; Nguyễn Viết Lãm (29, Hanoi) to 7 years and 6 months; and Nguyễn Đình Hải (29, Hai Phong), Hạ Thị Thu Hiền (30, Hanoi), Nguyễn Đình Học, Quách Việt Tuấn, and Nguyễn Thị Hạnh (all 29, Hanoi) each to 5 years for “Money Laundering.”
Ngô Duy Khánh (27) and Hà Thị Trang (31), both from Trà Vinh, received non-custodial reformatory sentences for “Illegally Collecting and Selling Bank Account Information.”
Case files reveal that in September 2023, Khánh joined the “Mỹ Phước 123 Job Group” on Facebook and connected with a Cambodian user named “Oliver” (identity unknown). Oliver hired Khánh to open bank accounts in Vietnam for resale. Khánh opened 6 accounts, provided Oliver with login credentials, and earned VND 4 million.
Subsequently, Oliver asked Khánh to recruit more account openers. Khánh and Trang facilitated the opening of 32 additional accounts, earning commissions.
Prosecutors allege these accounts were used by foreign fraud rings to receive VND 30.2 billion from 7 scams. The scammers impersonated Ho Chi Minh City Stock Exchange (HOSE) employees, lured victims via social media, and tricked them into installing apps or transferring funds.
After defrauding victims, the scammers used third-party money laundering services in Cambodia to transfer funds to various accounts, including those opened by Khánh and Trang for Oliver.
Illustrative image.
Dirty Money Laundered Through USDT Purchases
Investigations traced the funds to Trần Thị Linh’s (32, Hanoi, at large) network for laundering. Linh’s group transferred money to 9 defendants in the “Money Laundering” ring to purchase USDT cryptocurrency, obscuring its illegal origins.
The indictment states these 9 defendants operated as USDT traders in Vietnam, catering to domestic and international clients via Zalo and Telegram. They used rented or purchased bank accounts and e-wallets for transactions.
Aware of the funds’ illegal sources, they prioritized profits, facilitating USDT purchases for Linh’s group.
Nguyễn Viết Lãm, for instance, began trading USDT in 2019 without company registration. Initially using Binance, he later shifted to private transactions via Zalo and Telegram to avoid fees. In February 2022, he partnered with Tốn, hiring Học, Tuấn, Hải, and Hạnh as staff (VND 10–15 million monthly).
Tốn trained staff in USDT trading on Binance and Facebook/Telegram groups. Lãm sourced clients, including Linh. By 2024, Lãm’s group laundered VND 7 billion, profiting VND 2.8 billion; Tốn’s group laundered VND 1.2 billion, earning VND 250,000.
Lê Văn Xuân, operating independently, laundered VND 2.2 billion for Linh, profiting VND 900,000. Huyền laundered VND 9 billion, earning VND 1.8 billion. Trần Thị Linh remains at large, with her case separated for later prosecution.
Urgent Police Alert: Nationwide Bank Account Security Advisory Issued
Stay vigilant against offers to rent, lend, or buy/sell bank accounts.
Unveiling the Trial of Accomplices Behind 27 Shell Companies in Mr. Pips Phó Đức Nam’s Fraud Scheme
Misappropriated funds, under the direction of Mr. Pips, were strategically cycled to create an illusion of liquidity, subsequently extracted through various methods including cash withdrawals, gold purchases, and conversion into USDT.
Domestic Money Transfers of 500 Million VND or More Require Reporting
The State Bank of Vietnam (SBV) has recently issued Circular 27/2025/TT-NHNN, providing guidance on the implementation of key provisions within the Anti-Money Laundering Law. This regulatory update introduces several new measures designed to enhance the effectiveness of monitoring and preventing money laundering and terrorist financing activities within the financial sector.
“Trials Begin for the Group Involved in the Phó Đức Nam and Lê Khắc Ngọ-Linked Scam”
“Bui Trung Duc, the mastermind behind a sophisticated and large-scale international stock investment fraud scheme, orchestrated a complex web of deception that ensnared 12 victims and resulted in a staggering loss of over 11 billion VND. This insidious operation had connections to two notorious figures in the underground world: Mr. Pips, aka Pho Duc Nam, and Mr. Hunter, whose real name is Le Khac Ngo. The impact of Duc’s deceitful actions has left a trail of financial ruin and shattered lives in its wake.”
The Scourge of ‘Phantom Bank Account’ Scams
“Phantom bank accounts” continue to haunt the financial system, with some bank employees colluding in fraud, money laundering, and illegal money transfers. This illicit activity severely damages the country’s financial infrastructure and its citizens.
