Vietnamese police have uncovered a massive $160 million (Rs. 1500 Crores) international fraud operation involving two Nigerians and a network of over 300 fake companies, using deceptive emails and dual-currency bank accounts to steal from unsuspecting global businesses.
Algoritha Security Launches ‘Make in India’ Cyber Lab for Educational Institutions
Fake Companies, Real Money: 300 Shell Firms Built to Deceive
In a sweeping crackdown on cyber-enabled financial crime, Vietnamese authorities have arrested two Nigerian nationals and five Vietnamese suspects in connection with a $160 million (VND 4.15 trillion and Rs. 1500 Crores) international fraud ring.
According to police documents, the operation relied on the creation of over 300 fictitious companies in Vietnam, most with foreign-sounding names nearly identical to those of the victims’ business partners. These shell firms had dual-currency accounts to receive payments, masking their fraudulent intentions under a veneer of legitimacy.
Email Spoofing and Business Impersonation: Anatomy of a Scam
The fraudulent scheme hinged on unauthorised access to corporate email systems during live contract negotiations. Criminals would create lookalike email accounts, differing by a single character, and send new payment instructions to unsuspecting clients.
One notable example involved Ukraine’s December One Rnd Ltd, which had legitimate business dealings with South Korea’s Sungsan Electronics. The scammers sent altered bank details via emails from addresses like sungsan@rfzOne.com and sungsan@rfzones.com—tricking the Ukrainian firm into transferring $314,850 (Rs. 2.7 Crores) to a Vietinbank account controlled by the ring.
Attempts by the Ukrainian Embassy to stop the transaction failed as the funds had already been withdrawn and laundered through multiple bank accounts.
Global Web of Fraud: Nigerian Accounts and Local Conduits
Police say many of the financial channels used were linked to Nigerian bank accounts, with Vietnamese accomplices withdrawing, converting, and delivering cash to ringleaders. Over 20 individuals have been identified as directly complicit in the transnational scam. This case adds to a growing list of international fraud cases involving Nigerian syndicates, with recent parallels in the U.S., where Nigerian national Yomi Olayeye was charged in a $10 million (Rs. 87 Crores) pandemic-related fraud.
Authorities are calling for stricter international cooperation in combating cyber-enabled financial crime, warning that email-based fraud and fake firms are on the rise, exploiting weaknesses in global trade and banking systems.