Sunday, January 17, 2021

Nhat Cuong: Runaway tech company chief now faces money laundering charges

-

The fugitive chief of a Hanoi-based tech firm, wanted for smuggling and accounting violations, now also faces money laundering charges.

Investigation into the alleged smuggling activities of Bui Quang Huy, 45, general director of Nhat Cuong Technical Services Trading Co. Ltd., discovered he had invested his ill-gotten gains into the company and its subsidiary, Nhat Cuong Software Co. Ltd., police from the Ministry of Public Security said on Tuesday.

He also faces charges of “violating regulations of law on accounting causing serious consequences,” and is wanted by the police after he eluded their attempts to arrest him in May.

The police have said Huy is the suspected linchpin of an organized crime group responsible for cross-border smuggling, maintained two sets of accounting books to conceal trillions of dong worth of revenues (VND1 trillion = $42.7 million) and conspired with foreign manufacturers to illegally import electronic goods.

Read MoreSterling Biotech : ED attaches properties worth Rs 9778 cr belonging to Sandesaras in London

They began investigations on May 14, five days after raiding nine stores and a warranty center belonging to another Nhat Cuong subsidiary, Nhat Cuong Mobile, and seizing thousands of mobile phones, tablets and other electronic items.

They have so far arrested eight people and issued warrants against Nhat Cuong’s finance director, chief accountant, deputy general director, business director, head of Apple products, and an unidentified employee, and the director and business director of Thanh Son Infrastructure Investment and Development JSC.

In addition to being Nhat Cuong’s general director, Huy is also the legal representative of Nhat Cuong Software, which has done a number of technology projects for Hanoi including a residential data project.

NEWSLETTER

Get our daily notification on the latest financial crimes news around the World

MUST READ

- Affiliate Products -

Advertisement
Advertisement

This Week

Enable Notifications    OK No thanks