Vietnamese authorities have uncovered a massive international fraud scheme worth over $160m (₦248bn), allegedly involving two Nigerian nationals and five others.
The suspects reportedly created more than 300 fake companies to deceive foreign businesses into transferring funds to fraudulent accounts.
According to police documents cited by VnExpress News, the operation was coordinated by a Vietnamese-led network, with financial channels traced to Nigerian-based bank accounts.
Fake Emails, Shell Firms, and Vanishing Funds
The fraudsters allegedly hacked into business email systems during contract negotiations. They then created fake email addresses that differed from legitimate ones by just a single character.
“They created fake email accounts nearly identical to legitimate ones, differing by a single character, to deceive clients into changing transaction account details.”
In Vietnam, the group registered hundreds of shell companies with foreign-sounding names, mimicking the identities of their victims’ partners.
“The similarity in company names and email addresses led numerous foreign partners to mistakenly transfer funds to the accounts provided by the criminals, resulting in misappropriation.”
One case involved Ukrainian firm December One Rnd Ltd, which was tricked into sending US$314,850 to a fake account posing as South Korea’s Sungsan Electronics.
“On Dec. 6, 2023, the Ukrainian company received emails from sungsan@rfzOne.com and sungsan@rfzones.com, instructing them to change the receiving bank account.”
Despite efforts by the Ukrainian Embassy to stop the transaction, the funds had already been withdrawn by March 21, 2024.
Money Laundering and Global Links
The stolen money was reportedly converted into Vietnamese dong, moved through multiple accounts, and handed over to the fraud ring.
Police say over 20 individuals have been identified so far, including Vietnamese associates who acted as company officials and helped launder the funds.
In another twist, investigators revealed that one Vietnamese woman registered over 100 companies and received more than $3m and €2.9m from foreign sources.
This case adds to a growing list of global frauds linked to Nigerians. In 2024, Nigerian national Yomi Olayeye was arrested in the US for allegedly stealing $10m in pandemic unemployment benefits.
“Yomi Jones Olayeye, a.k.a. Sabbie, was charged with wire fraud, conspiracy, and identity theft,” according to the U.S. Department of Justice.
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