How did Nguyen Van Duong, the gambling boss, engage in money laundering? In the multi-billion-dollar Rikvip gambling network, Nguyen Van Duong was one of the key figures alongside Phan Sao Nam. He utilized the High-Tech Security Technology Investment and Development LLC – CNC, a company of which he was the Chairman of the Board, to issue and organize online gambling activities on social media platforms, including gaming portals such as Rikvip/Tip.Club, 23Zdo, and Zon/Pen.
To operate and organize this gambling network, Nguyen Van Duong instructed members of the company to carry out various activities, such as domain registration, brand messaging, and payment gateway construction. Through these nguyen van duong rikvip operations, he illicitly profited over 1.665 trillion Vietnamese dong.
However, Nguyen Van Duong didn’t stop at illicit gains from the gambling network; he also cleverly conducted money laundering through UDIC Investment Corporation. This company participated in the Bac Giang – Lang Son City expressway project, and Nguyen Van Duong used it to launder money from gambling activities.
Initially, he agreed to increase the charter capital of UDIC from 35 billion to 500 billion dong, committing to contribute 85.04% of the charter capital. Subsequently, Nguyen Van Duong directed the accounting department of CNC to transfer capital contributions to UDIC and used other individuals’ names to establish three enterprises. He signed fraudulent contracts to withdraw investment funds from these businesses, aiming to falsely inflate the capital contributions of UDIC. Although the accounting records showed an increased capital of 532 billion dong, in reality, no actual capital increase occurred.
By early 2016, Nguyen Van Duong continued to convene a shareholders’ meeting to raise the charter capital of UDIC from 500 billion dong to over 925 billion dong. He employed a similar method as the previous capital increase. Through these actions, Nguyen Van Duong successfully laundered the illicit proceeds obtained from gambling activities.
Furthermore, Nguyen Van Duong also used the Bac Giang – Lang Son City expressway project for money laundering. He contributed to this project 33 times with a total amount of 330 billion dong. However, only 23 billion dong was actual money, while the remaining amount was virtual money due to false contributions by UDIC.
In summary, Nguyen Van Duong employed various sophisticated methods to launder money from the online gambling operations on social media. He used CNC and UDIC to conceal the origins of these illicit funds. Nguyen Van Duong’s money laundering activities have become a typical example of using different companies and projects to conceal and launder money in criminal activities.