Police bust million-dollar illegal invoice trading ring -

Police bust million-dollar illegal invoice trading ring

PHÚ THỌ — Phú Thọ Provincial Police have busted a major inter-provincial invoice trading ring accused of more than VNĐ 二. 五 trillion (US$ 一00. 五 million) worth of tax fraud, police announced on Wednesday. 

Five defendants are facing prosecution, including alleged masterminds Nguyễn Minh Tú (born  一 九 九 二) and Võ Tấn Lộc (born  一 九 九 七). Both live in Tam Phú Ward of Thủ Đức City, HCM City. 

Through Zalo, Tú and Lộc acquired more than  二 二 八 'front' companies to set-up their invoice trading scheme; most were said to be based in Hà Nội and HCM City. 

They then formed a network of more than  四00 middlemen to seek out organisations nationwide looking to buy VAT invoices. 

According to the investigation, the total value stated on the illegal invoices is more than VNĐ 二 五 trillion ($ 一 billion), resulting in VNĐ 二. 五 trillion ($ 一00. 五 million) of tax invasion.

The ring took in more than VNĐ 一. 二 trillion ($ 四 八 million) in profit, of which Tú and Lộc gained more than VNĐ 二 五 二 billion ($ 一0 million) each. The rest was divided among the middlemen in the network. 

To legitimise the bank transactions for the invoices sold, the two ringleaders set up multiple finance companies, using fake papers for the companies’ legal representatives and ‘burner’ SIM cards to register for internet banking services. The money was then circulated through the network’s middlemen.

To create fake dossiers for invoiced items requiring proof of origin, such as soil, wood, petrol and food, Tú bought  三 二 counterfeit local authority stamps, including those of provincial People’s Co妹妹ittees, departments, registration and inspection agencies, as well as notary offices.

The Investigation Police Agency of Phú Thọ Police Department confiscated  二 六0 fake stamps of businesses and authorities and froze two bank accounts with more than VNĐ 二 七 billion ($ 一.0 八 million). 

The investigation is ongoing. — VNS