Investigators found that foreign nationals worked with accomplices in Vietnam to establish a network of shell companies in Vietnam, Hong Kong and Singapore to conceal and legitimise illicit financial flows.
The group allegedly collected money from individuals and businesses seeking to transfer funds illegally into or out of Vietnam. Transactions were split into smaller amounts, typically below VND 500 million each, before being routed through multiple personal bank accounts. The funds were then withdrawn in cash and deposited into accounts held by the shell companies.
To disguise the transfers, the suspects reportedly created fraudulent trade documents involving resistor chips, a low-value product that is difficult to assess accurately. Contract values were inflated, while technical specifications and certificates of origin were often missing. The agreements also allowed payment terms of up to 12 months.
Police said the group exploited weaknesses in banking verification procedures and customs clearance mechanisms. They used UPAS L/C and T/T payment methods to transfer foreign currency overseas under the guise of settling payments for temporary import and re-export transactions.
After the money was transferred abroad, the suspects either failed to carry out the re-export transactions or completed only a small portion of them, effectively using trade activities as a cover for an illegal cross-border money transfer operation worth more than USD 51 million.
