In the famous trillion-dong gambling ring that has been ongoing for a while, not only Phan Sao Nam is known as the leader of this ring, but there is another individual, that is Nguyen Van Duong, who is also identified as being involved and leading the gambling operation in the Rikvip case.
Nguyen Van Duong was formerly the chairman of the board of directors of the High-Tech Security Investment and Development Company Limited (CNC), which was established in September 2011 with an initial investment capital of 20 billion VND. At the time of its establishment, the company was licensed to operate as an intermediary payment service provider.
In the Rikvip case, after establishing the front company named High-Tech Security Investment and Development Company Limited (CNC), Nguyen Van Duong took the initiative to issue and organize online gambling on social media platforms at the request of Phan Sao Nam. He operated and organized through gaming portals such as Rikvip/Tip.Club, 23Zdo, and Zon/Pen.
To operate and organize this online gambling network, he instructed the company’s members to register domain names, brand message notifications, and establish payment gateways, among other actions. Ultimately, the illicit proceeds obtained by Nguyen Van Duong from this gambling operation amounted to over 1.665 trillion VND.
How does Nguyen Van Duong launder money? Based on the above information, when benefiting from over 1.665 trillion VND of illicit gains, Nguyen Van Duong laundered money through the UDIC Investment Corporation. It was at this company that the dirty money obtained from his gambling operation was transformed into clean money.
The UDIC Investment Corporation is one of the investors involved in the Bac Giang – Lang Son expressway project. UDIC’s ownership capital in this project is 491 billion VND, equivalent to a 38% stake.
First, in order to meet the financial capacity requirements to participate in the bidding for the Bac Giang – Lang Son expressway project, Nguyen Van Duong (the former chairman of the board of directors of the company) agreed to increase the charter capital from 35 billion to 500 billion VND and committed to contributing 85.04% of the charter capital.
Subsequently, Nguyen Van Duong instructed the accounting department of the CNC Company to transfer capital contributions to the UDIC Investment Corporation and then used other people’s names to establish three companies: Truong Thinh Construction and Trade Joint Stock Company, Northern Construction and Trade Business Joint Stock Company, and Capital Construction and Trade Business Joint Stock Company.
Once these three companies were established, Nguyen Van Duong directed the signing of fraudulent contracts to facilitate the withdrawal of investment funds. These circular activities aimed to inflate the contribution value to the UDIC Investment Corporation. Therefore, although the accounting records of the company showed an increased capital of 532 billion VND, in reality, there was no increase in actual capital.
In early 2016, Nguyen Van Duong continued to hold a shareholders’ meeting to increase the charter capital from 500 billion VND to over 925 https://nguyenvanduong.net billion VND. The method applied by Nguyen Van Duong was similar to how he had previously increased the capital for the UDIC Investment Corporation.
In this way, with the ill-gotten gains from the gambling operation, Nguyen Van Duong used them to circulate and inflate his committed capital into the UDIC company. This helped him successfully conceal the illicit origin of the money obtained from gambling.
Additionally, Nguyen Van Duong laundered money through the Bac Giang – Lang Son expressway project. He made 33 contributions totaling 330 billion VND to the project. However, in reality, the amount contributed by Nguyen Van Duong was only 23 billion VND. The remaining amount was fictitious, resulting from the fraudulent submissions by the UDIC Investment Corporation.