Authorities busted an illegal Liberty Reserve business worth $24.5 million.

The Vietnamese Ministry of Public Security has just announced the completion of its investigation into this illegal business operation.

While the US has just announced the dismantling of the largest money laundering ring in history, the Criminal Police Department of the Vietnamese Ministry of Public Security has also announced the completion of an investigation into an illegal cryptocurrency trading operation involving Liberty Reserve, worth over $24.5 million.

The buying and selling of cryptocurrencies without authorization from the competent authorities shows signs of committing the crime of illegal business. Photo: Hong Vinh.

Set up a company to trade in cryptocurrency.

Previously, the General Department of Police for Crime Prevention and Control, Ministry of Public Security, received a request from the Turkish Police for assistance in verifying a hacker with an email address.[email protected]They stole information and data from a citizen of this country named Tun Musfata, then demanded that the victim transfer nearly $1,000 to a Vietnamese man named Vu Van Su (in Hai Phong) through the Western Union money transfer system.

Subsequently, the Office of the Legal Attaché at the U.S. Embassy in Cambodia also requested assistance in verifying information about a high-tech criminal organization that steals data from computer systems for extortion purposes. In the case currently under investigation by the U.S. Federal Bureau of Investigation (FBI), several individuals in Vietnam have received money from victims.

However, during the investigation, the Criminal Investigation Department of the Ministry of Public Security determined that the individuals named in the list provided by foreign authorities had never actually received money at Western Union branches.

In addition, the Criminal Investigation Department also clarified that in 2008, Vu Van Lang (born in 1983) established Thinh Vu Joint Stock Company (headquartered in Duong Kinh district, Hai Phong), acting as a sub-agent for BIDV Bank's Hai Phong branch to disburse remittances through the Western Union system. However, in reality, Lang's establishment of Thinh Vu Company was solely for the purpose of conducting Liberty Reserve cryptocurrency trading.

According to the investigating agency, to facilitate the sale of Liberty Reserve electronic goods, Vu Van Lang also established INSTANT EXCHANGE LIMITED, headquartered in Hong Kong, China, and created a website.www.privatechange.comFor trading and advertising purposes, after acquiring cryptocurrency from domestic and international sources, Lang resold it to others for profit (transactions were conducted online).

Those who bought cryptocurrency paid Lang by sending USD to Thinh Vu Company through a Western Union agent. The suspect then used photocopies of multiple people's ID cards to create customer profiles to receive the money.

In 2011, Thinh Vu Company had its contract unilaterally terminated by Western Union Vietnam and its operating license revoked by the Hai Phong Department of Planning and Investment.

Not giving up on his illegal business scheme, Lang made an agreement with Nguyen The Dung, Director of Giao Dich Nhanh Co., Ltd., and Nguyen Van Chien, Director of Nam Phong Trading and Service Co., Ltd., to continue opening subsidiary branches of the bank to disburse foreign currency from Western Union to help Vu Van Lang conduct his illegal business.

In return, Dung and Chien would receive a commission fee paid by the bank. During the investigation, the police determined that Lang had used the names of more than 1,000 people and carried out nearly 60,000 transactions totaling over $24.5 million (equivalent to over 404 billion VND) through three companies: Thinh Vu, Giao Dich Nhanh, and Nam Phong.

Illegally profited nearly 5 billion VND.

Initially, Vu Van Lang confessed to illegally profiting nearly 5 billion VND from commission fees paid by banks and from profits from trading Liberty Reserve cryptocurrency. He used all the money to buy a house, a Mercedes sports car, and luxury phones.

The investigating agency determined that Lang's cryptocurrency trading was not licensed or regulated by competent state authorities; thus, he committed the crime of illegal business, according to Article 159 of the Penal Code. Dung and Chien were accused of assisting Vu Van Lang in committing the crime and were recommended for administrative sanctions and confiscation of the illicit profits.

During the investigation, the investigating agency also clarified that from October 21, 2008, to June 24, 2009, Lang took advantage of his authority to disburse foreign currency to help Nguyen Phi Khanh receive 15,502 USD. Khanh confessed that this money was earned from selling stolen credit card information of foreigners, but Lang was unaware of its source.

Foreign authorities suspect Vu Van Lang may be involved in money laundering for criminal organizations; however, they have not yet provided documents proving this behavior, so the Investigation Department of the Ministry of Public Security will separate the relevant documents for further investigation and processing.

According to (vov.vn) - LT