Vietnamese police have arrested two Nigerian nationals and five other suspects in connection with an elaborate international fraud scheme valued at approximately $160 million (VND4.15 trillion), involving over 300 shell companies and a global web of deceit.
According to a report by VnExpress News on Sunday, citing official police documentation, the accused group allegedly operated with significant support from a Vietnamese led network.
Investigators said the suspects compromised corporate email systems, posed as legitimate business contacts, and rerouted financial transactions into fraudulent accounts.
A summary submitted last Friday by Ho Chi Minh City police to state prosecutors indicated that the financial channels employed by the suspects were primarily connected to Nigerian based bank accounts.
Police said the group gained unauthorized access to business email accounts during active contract negotiations and created fake email addresses that closely mimicked the real ones, often altered by a single character, to deceive international partners into transferring funds to fraudulent accounts.
“In Vietnam, Minh’s group established nearly 300 shell companies with foreign sounding names resembling those of their victims’ partners,” the report stated.
The fake companies reportedly opened dual currency accounts, one in foreign currency and another in Vietnamese dong to receive international payments.
“Because of the deliberate similarity in company names and email addresses, multiple foreign businesses unknowingly transferred large sums to these accounts.”
One particular case involved Ukrainian firm December One Rnd Ltd, which had a longstanding business relationship with South Korea’s Sungsan Electronics and Communications. On December 6, 2023, the Ukrainian firm received emails from two addresses — [email protected] and [email protected] which appeared nearly identical to the genuine address [email protected].
The fraudulent emails included fake contracts, invoices, and even a scanned confirmation letter from Vietinbank, Vietnam’s state owned bank, instructing the Ukrainian company to update its payment details.
On March 8, 2024, December One Rnd Ltd wired $314,850 to the provided account. The funds, however, never reached the intended South Korean partner.
By the time the Ukrainian Embassy intervened and contacted Vietinbank on March 21, the money had already been withdrawn.
Authorities said Vietnamese accomplices, posing as officials of the shell companies, converted the funds into local currency, spread them across various accounts, and withdrew the cash before delivering it to members of the fraud ring.