The suspects in custody. — VNA/VNS Photo

HƯNG YÊN — Police in the northern province of Hưng Yên have dismantled a large-scale fraud and online gambling network that investigators say processed transactions totaling VNĐ9.3 trillion (US$354 million).

A total of 35 suspects from several provinces have been arrested.

Authorities said the group used digital platforms to orchestrate a sophisticated scam that relied on identity impersonation, fake trade transactions and online gambling to launder proceeds.

During searches, police seized 42 smartphones, five vehicles and 18 ATM cards, and froze 125 bank accounts at 16 banks. Investigators estimated the total value of transactions linked to the network at more than VNĐ9.3 trillion.

Police identified the alleged ringleader as Nguyễn Chính Nghĩa, 39, a resident of Hà Nội.

According to investigators, the group purchased personal data from closed social media groups and used it to impersonate bulk buyers placing large orders with suppliers.

After securing confirmation of the orders, the suspects allegedly posed as sellers and offered the same goods at below-market prices to third-party buyers.

Independent logistics companies were then hired to collect the goods directly from the suppliers, who were asked to photograph the loading process.

Those images were later sent to the buyers as proof of delivery, police said, prompting them to transfer money to accounts controlled by the suspects.

The goods themselves never reached the buyers.

To conceal the flow of funds, investigators said Nghĩa directed accomplices to use rented or borrowed bank accounts, route money through gold and jewellery shops or channel it into online gambling platforms.

Once payments were secured, communication accounts were deleted to erase traces.

Police said the network had defrauded multiple victims of, as they put it, "particularly large sums" since 2024.

Nghĩa, who has two prior fraud convictions, had previously been placed on a special wanted list. Authorities said he fled to Cambodia before returning to Việt Nam, where he frequently changed residence to avoid detection.

Police have formally opened a criminal case and ordered the detention of Nghĩa and 34 other suspects. Investigators said inquiries are continuing and may expand further. — VNS