Reasons Behind The Nguyen Van Duong Case Unraveling

Reasons Behind The Nguyen Van Duong Case Unraveling

Nguyen Van Duong, 43 years old, is the Chairman of the High-Tech Security Technology Investment and Development Company Limited (CNC). The company was established in September 2011 with an initial capital of 20 billion Vietnamese dong.

In April 2017, CNC was granted a license to provide intermediary payment services, including e-wallet services, electronic payment gateway services, and collection and payment services, valid for 10 years.

Prior to this, Duong had served as the Chairman of the Board of Directors of UDIC Investment Corporation. This company was a member of a consortium of investors involved in the construction project of the Bac Giang – Lang Son expressway.

During the implementation of the project, UDIC was the largest contributing shareholder with a 38% stake, equivalent to 491 billion Vietnamese dong. However, due to financial difficulties, in March 2017, the Ministry of Transport announced the termination of the consortium’s contract for the project.

Subsequently, the Ministry of Transport approved the restructuring plan for UDIC with the participation of another group of investors. Afterward, UDIC withdrew from the expressway project.

In May 2017, the Phu Tho Provincial Police received a report from Ms. Vo Minh P., residing in Trang Ward, Viet Tri City, Phu Tho Province. In the report, she stated that an unknown individual had used social media to deceive her, resulting in the loss of over 100 mobile phone cards worth up to 50 million Vietnamese dong.

Upon receiving the report, the Phu Tho Provincial Police immediately formed a task force to investigate. Through collected documents and evidence, the investigative agency identified the fraudster who had deceived and misappropriated Ms. P’s assets. The suspect was named Le Van Huy, 21 years old, and a resident of Quang Tri Province.

According to a reliable source, the suspect Huy hacked and gained unauthorized access to the social media account of Ms. P’s overseas relative. Huy messaged and asked Ms. P to purchase mobile phone cards for him. Believing him, Ms. P sent the cards to Huy. After several transactions like this, Ms. P became suspicious and called her relative to inquire about the situation. It was then that Ms. P realized she had been deceived and immediately reported the incident to the police.

Around July 2017, the Phu Tho Provincial Police apprehended the suspect Le Van Huy for investigation into his fraudulent activities and misappropriation of assets. During the investigation, Huy admitted to using the fraudulently obtained cards to convert them into virtual currency for online gambling through the RikVip gaming platform.

Based on the information obtained from the investigation, the investigative agency traced the national-scale gambling ring and discovered Nguyen Van Duong as the mastermind behind it.

After a 12-day trial and 4-day deliberation period, on the afternoon of November 30, 2018, the Trial Council officially announced the verdict for defendant Nguyen Van Duong and 92 other defendants involved in the billion-dollar gambling case.

According to the verdict, Nguyen Van Duong was sentenced to 5 years in prison for organizing gambling and 5 years in prison for money laundering. Thus, the total sentence for Nguyen Van Duong amounted to 10 years in prison.

Furthermore, the Trial Council ordered Nguyen Van Duong to return over 1,300 billion Vietnamese dong in illicit proceeds from the gambling activities. A total of 329 billion Vietnamese dong, which Duong had laundered, was confiscated, with over 211 billion Vietnamese dong recovered. Duong is required to make additional payments to the state budget to cover the remaining amount and ensure enforcement of the sentence. Additionally, other assets belonging to Duong were temporarily seized to guarantee the execution of the verdict.

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