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Hanoi prosecutors indict 7 in $52 million cross-border money laundering ring
The Hanoi People's Procuracy has issued an indictment against seven individuals for the illegal transfer of currency across borders. The scheme involved moving more than $40 million out of Vietnam and bringing $12 million into the country.
The operation was allegedly orchestrated by Zheng Yan Fei, a Chinese national whose current whereabouts are unknown. Zheng directed a group to use shell companies—Viet Linh Electronic Equipment Trading Company and Phong Lam Trading Investment Company—to facilitate the transfers. Nguyen Manh Linh served as the director for these entities, which falsely claimed to trade in electronic components, specifically chip resistors, to justify the transactions.
To bypass banking procedures, the group recruited two bank employees, former Nam A Bank staff member Dinh Thi Lich and former Orient Commercial Bank (OCB) employee Le Dang Khoa. The group utilized fraudulent documents and specialized payment methods, such as Usance Payable At Sight L/C, to move funds between Vietnam and partners in Singapore and Hong Kong. Some of these foreign partner companies were reportedly represented by Zheng Yan Fei himself.
Entities
Dinh Thi Lich · Hanoi People's Procuracy · Le Dang Khoa · Nguyen Manh Linh · Zheng Yan Fei
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The ring transferred over $40 million out of Vietnam and $12 million into Vietnam. cafef.vn · kenh14.vn · soha.vn
- [● 4 SOURCES] Nguyen Manh Linh acted as the director for Viet Linh Electronic Equipment Trading Company and Phong Lam Trading Investment Company. cafef.vn · kenh14.vn · soha.vn · thanhnien.vn
- [○ 1 SOURCE] The group used Usance Payable At Sight L/C to facilitate payments. thanhnien.vn
- [○ 1 SOURCE] The ring engaged in transactions with companies in Singapore and Hong Kong. thanhnien.vn
- [● 4 SOURCES] The Hanoi People's Procuracy indicted seven defendants for illegal currency transfer. cafef.vn · kenh14.vn · soha.vn · thanhnien.vn
- [● 4 SOURCES] Zheng Yan Fei directed the group to falsify documents to move money between Vietnam and China. cafef.vn · kenh14.vn · soha.vn · thanhnien.vn
- [● 4 SOURCES] Two bank employees, Dinh Thi Lich and Le Dang Khoa, assisted the group with banking procedures. cafef.vn · kenh14.vn · soha.vn · thanhnien.vn
- [● 4 SOURCES] The shell companies used fake contracts for chip resistors to justify transactions. cafef.vn · kenh14.vn · soha.vn · thanhnien.vn