Sunday, October 25, 2020

Vietnam: Former Deputy Director of Hanoi Ministry of Investment Arrested in Money Laundering Case


A former deputy director of Hanoi’s Department of Planning and Investment has been arrested in connection with smuggling and money laundering by a tech firm.

Nguyen Tien Hoc was arrested as part of an investigation into agencies involved in bidding violations that had serious consequences, To An Xo, chief of staff of the Ministry of Public Security, said Thursday.

Pham Thi Kim Tuyen, head of the department’s business registration division, is also being investigated for the same violations.

The actions are being taken under an investigation of Nhat Cuong Mobile, a major tech firm in the capital city, for smuggling, accounting violations and money laundering, Xo said.

Bui Quang Huy, 45, general director of Nhat Cuong Technical Services Trading Co. Ltd., is wanted by the police for alleged smuggling, money laundering and violations of the accounting law causing serious consequences.

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Police say Huy was the leader of an organized crime group responsible for cross border smuggling and maintaining two sets of accounting books to conceal revenues running into trillions of dong (VND1 trillion = $43 million).

Investigators had alleged in July that Huy had invested his ill-gotten gains in Nhat Cuong Mobile and its subsidiary, Nhat Cuong Software Co. Ltd.

Nhat Cuong Mobile belongs to Nhat Cuong Technical Services Trading Co. Ltd., which he set up in 2001 as a phone repair shop.

Its businesses include trading in electronic and telecom equipment and components, mobile phone manufacturing, pawn-broking, and travel agency services.

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