How are billions of counterfeit 500,000 VND bills produced?

Equipment in the counterfeit money printing "factory" led by Thai. Photo:Bao Nam

On the evening of November 26, 2022, a woman in Son Tra district (Da Nang) sold an iPhone 11 Pro Max for 10.2 million VND to two young men and then realized that the 10 million VND (denomination of 500,000 VND) she had just traded was counterfeit money. During the transaction, the two suspects deliberately concealed their images, license plate numbers, and phone numbers.

Da Nang police started an investigation, and 11 days later arrested two suspects, Doan Van Duong (34 years old) and Ho Van Thien (35 years old, both residing in Quang Nam), and confiscated 62 million VND in counterfeit money, the same type of 500,000 VND. Both admitted to having tricked people into buying the iPhone 11 Pro Max mentioned above, the source of the counterfeit money was a person in Ho Chi Minh City.

Following the clues, the detectives identified the mastermind of the counterfeit money ring as Huynh Quoc Thai (34 years old, from Cai Lay, Tien Giang), but he had fled. Raiding the "headquarters" set up by Thai in Phong Phu commune, Binh Chanh district, Ho Chi Minh City, Da Nang police caught Nguyen Thi Cam Duyen (35 years old) and Nguyen Nhu Phu (52 years old) operating printing equipment. They seized more than 1.3 billion VND in counterfeit money along with many color printers, cutting machines, stamping machines, money printing paper, plastic paper, etc.

On December 30, 2022, the police arrested another member of the ring, Huynh Hoang Thuong (17 years old, residing in Binh Chanh district), accused of making about 1,200 counterfeit bills with a face value of VND 500,000, equivalent to VND 600 million.

Suspect Nguyen Nhu Phu, who helped Thai punch holes, laminate, and polish to create "finished" counterfeit money. Photo:Bao Nam

Police determined that Thai scanned 500,000 VND bills and then, together with Duyen, printed the money onto two A4 sheets of paper, each side could print 4 bills. Since November 2022, the group has printed an average of 300 A4 sheets per day, equivalent to 1,200 500,000 VND bills.

The counterfeit money was passed by Thai to Phu and another person to laminate, polish... to create the complete "finished product".

Police said Thai installed cameras around the factory to monitor all movements 24/7. The counterfeiters were also equipped with their own walkie-talkies. To avoid suspicion from neighbors, the group mainly operated at night.

Thai frequently changed places, staying at each place for only 2-3 months. Money printing tools were secretly transported. Thai used an ID card and citizen identification card with a different name to register for online bank accounts and e-wallets; and used junk SIM cards for communication.

Currently, Duyen, Phu, Duong, Thien and Thuong have been prosecuted and detained to investigate the behavior of "Making, storing, circulating counterfeit money"with large amounts of money and related acts including: ""Illegal possession of military weapons", "Forging seals and documents of agencies and organizations", ""Illegal possession of drugs".

The Da Nang Police Security Investigation Agency is searching for Thai and continuing to clarify how this network operates.