Ho Chi Minh City, Vietnam – Authorities in Ho Chi Minh City have proposed the prosecution of two Nigerian nationals and 19 Vietnamese citizens, alleging their involvement in a sophisticated international money laundering and currency smuggling operation. The network is accused of using advanced cyber techniques and an intricate web of shell companies to defraud foreign businesses of millions of dollars.
According to police investigators, the alleged ring employed Business Email Compromise (BEC) tactics to intercept and manipulate communications between legitimate international companies. Suspects reportedly created fake email addresses that were nearly identical to those of actual business partners, then used these fraudulent accounts to redirect legitimate payments to their illicit accounts in Vietnam.
One significant case detailed by investigators involved December One Rnd Ltd, a Ukrainian company, which lost a staggering $314,850. The firm unknowingly transferred funds to a fake email address posing as its genuine partner, Sungsan Electronics & Communications. Despite prompt efforts by the Ukrainian Embassy to freeze the funds with VietinBank, the account was emptied by the time the bank was contacted, rendering recovery impossible.
The investigation revealed a complex structure for receiving and distributing the stolen funds. Mai Tra My, identified as residing in Nigeria with her Nigerian husband, is alleged to have instructed Mai Vu Minh, a Vietnamese associate, to establish numerous companies in Vietnam and open bank accounts specifically for receiving foreign currency transfers. The foreign currency was then converted into Vietnamese dong and disbursed through various channels. Between December 2023 and March 2024, Minh reportedly received over $789,000 through three of his companies, earning a two-per-cent commission totaling VND383 million ($14,615). He is also accused of facilitating the transfer of VND10 billion ($381,927) in cash to Cambodia.
Further investigations uncovered the roles of other key players. Nigerian national Okoye Christinan Ikechukwy and his wife, Le Thi Tham, are alleged to have joined the network after an introduction by a friend. From 2022 to 2024, Le Thi Tham registered an astounding 53 companies, four of which reportedly received nearly $1.5 million. The couple is accused of earning VND2 billion ($76,462) in commissions from their involvement.
Another Nigerian suspect, Eneh Davidson Caleb, is implicated in directing Nguyen Thi Thanh Thuy, a Vietnamese woman, to register over 100 companies used in the illicit scheme. Thuy reportedly received VND598.8 million ($22,857) for her part. She later recruited Nguyen Thi Huong, another Vietnamese woman, who went on to register an additional 116 companies. Collectively, the companies registered by Thuy and Huong received over $3 million and more than €2.9 million from foreign sources.
The Ho Chi Minh City police have stated that legal proceedings are ongoing, underscoring the authorities’ commitment to dismantling sophisticated cross-border financial crime networks. The case highlights the growing threat of cyber-enabled financial fraud and the challenges in tracing and recovering illicit gains once they are laundered through complex international channels.
