Shark Binh Indicted in VND 319 Billion Money Laundering Case

Hanoi – Nguyen Hoa Binh, widely known as "Shark Binh," a prominent tech investor in Vietnam, has been indicted by the Hanoi People's Procuracy on charges of money laundering. The indictment alleges that Binh laundered approximately VND 319 billion (around $13 million USD) through Ngan Luong, a payment gateway company where he serves as Chairman of the Board. These funds are linked to a massive fraud scheme orchestrated by Pho Duc Nam, also known as "Mr. Pips," which defrauded victims of an estimated VND 1.568 trillion (approximately $65 million USD). The case also involves Pho Duc Nam being charged with fraud and money laundering, while Le Khac Ngo ("Mr. Hunter") and his wife are indicted for fraud. In total, 188 individuals, including 155 others accused of fraud, money laundering, or receiving proceeds of crime, are set to be tried at the Hanoi People's Court. According to the indictment, "Mr. Pips" collaborated with his finance department to open e-wallets with intermediary payment companies, including Ngan Luong. In 2019, "Mr. Pips'" GKFX trading platform registered to use Ngan Luong's services, paying transaction fees. Subsequently, Nam established additional forex trading platforms such as DK Trade, ASX, ACX, Sea Investing, Honor, and ScopeMarkets, notifying Ngan Luong of their operations. Customers were required to download applications or visit websites to open Ngan Luong e-wallets. In June 2020, Ngan Luong received a request from the police for verification regarding the e-wallets. Shark Binh was aware that Nam's forex platforms were violating the law but allowed them to operate to profit from transaction fees. To conceal these activities, Binh allegedly instructed his staff not to provide real wallet information but to create fabricated deposit and withdrawal data for a "fake" wallet to present to the police. From June 2020 to September 2022, 232 victims transferred nearly VND 319 billion into these e-wallets. The funds were then channeled through multiple bank accounts held by Ngan Luong at various commercial banks before being deposited into Nam's forex trading platforms. Shark Binh, known as a "tech shark," is also currently detained and under investigation for three other charges: fraud, serious violations of accounting regulations causing grave consequences, and tax evasion. Pho Duc Nam, "Mr. Pips," is accused of masterminding the fraud scheme, which began in 2018. He collaborated with Turkish national Isik Uran to learn about establishing websites for international forex and stock trading, disguised as legitimate platforms but fundamentally fraudulent. Nam established shell companies in Vietnam to advertise and attract investors, operating without licenses. Customers believed they were trading on international markets, but in reality, they were trading against the platform operators, with Nam controlling the outcomes and profits. The prosecution alleges Nam is responsible for all 920 fraud cases, totaling over VND 1.568 trillion. To legitimize the illicit funds, Nam purchased 32 properties, gold worth VND 141 billion, and exchanged funds for over 1.7 million USD and 1 million Singapore dollars. Le Khac Ngo managed 20 business offices used to lure victims, leading to his responsibility for 287 fraud cases and over VND 344 billion in misappropriated funds. Ngo also laundered money by purchasing 4 properties and 143 gold bars. Information source: VnExpress