The Vietnamese police have made a significant breakthrough in a transnational crime case, arresting two Nigerian nationals and five other suspects for their alleged involvement in a $160 million international fraud scheme. The suspects created over 300 fictitious businesses to deceive global companies into transferring funds to their accounts.
The Sophisticated Scheme
The accused individuals gained unauthorized access to corporate email systems during active contact discussions, creating fake email accounts nearly identical to legitimate ones. They then instruct clients to change transaction account details, leading to misappropriation of funds. The Shell companies set up dual-currency accounts to accept incoming payments, making it difficult to track the fraudulent transactions.
Investigation and Arrest
The police disclosed that the suspects converted the stolen funds into local currency, redistributed them through different bank accounts, and extracted the cash to hand over to the fraud ring. Over 20 individuals have been identified as directly involved in the international fraud.
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