HCMC jewelry store employees arrested in $20M international money laundering ring

By Quoc Thang November 8, 2024 | 11:02 pm PT

Two employees of a jewelry store in Ho Chi Minh City have been arrested for allegedly participating in a cross-border money laundering operation, accused of illicitly transferring nearly US$20 million overseas as part of a larger network.

Le Van Hoa, 47, and Nguyen Thi Kim Trang, 54, employees of Duc Long Jewelry Store in Tan Binh District, were apprehended for reportedly facilitating these illegal transfers, police announced on Friday.

Le Van Hoa and Nguyen Thi Kim Trang at the investigation agency. Photo courtesy of police

Le Van Hoa and Nguyen Thi Kim Trang at a police station in HCMC, November 2024. Photo courtesy of police

Their arrests follow an expanded investigation into a criminal network involved in fraud, money laundering, and illegal cross-border currency transfers led by Nigerian national Eneh Davidson Caleb, 28, and his Vietnamese wife, Nguyen Thi Thanh Thuy, 35.

In mid-April, police raided Duc Long Jewelry Store as part of a crackdown on the network, arresting owners Do Viet Dai, 53, and his wife, Nguyen Thi Kim Ngan, 47. The raid led to the seizure of more than VND9 billion (US$356,000), over $1.5 million in cash, and various other foreign currencies earmarked for overseas transfer.

The couple is accused of assisting the criminal gang in laundering fraudulently obtained funds, using their gold shop as a front, and reportedly earning VND1.5 million per VND2.5 billion transaction.

Police stated that between August 2023 and the time of their arrests, this group facilitated nearly $20 million in illegal currency transfers. Trang and Hoa were allegedly responsible for managing currency transactions and maintaining financial records.

Previously, police received information about a Ukrainian company defrauded by the criminal group through fake emails impersonating the company's business partners, leading to funds being transferred to accounts in Ho Chi Minh City specified by the fraudsters.

Police searched Duc Long gold shop in April. Photo courtesy of police

Police inspect Duc Long jewelry shop in April 2024. Photo courtesy of police

Tracing the money trail, authorities discovered that the funds were ultimately withdrawn and transported to Cambodia. This operation led to the identification of 13 suspects, including Caleb and his wife, who allegedly established over 300 shell companies and thousands of bank accounts to facilitate money transfers.

Police also seized 234 company seals from Caleb and his wife's residence, reportedly used in criminal activities. To date, 15 individuals linked to this network have been prosecuted and detained.

Authorities continue to investigate others who registered hundreds of shell companies, aiming to establish accountability and pursue potential legal actions against all involved.