Some of the suspects are pictured after being arrested in a case involving a network that allegedly used 326 shell companies to sell more than 178,000 fake invoices. — Photo courtesy of HCM City Police

HCM CITY — Police in HCM City have arrested 37 people suspected of running a network that established and acquired 326 shell companies to illegally issue and sell more than 178,000 invoices worth nearly VNĐ20 trillion (US$763 million), authorities said Wednesday.

Lê Văn Hiền, 42, resident of Tân Sơn Nhì Ward in the city, is suspected of being the ringleader of the network, which allegedly sold invoices to 17,612 businesses and organisations nationwide, according to the municipal police’s Economic Police Division (PC03).

Hiền and 36 others were arrested on charges of tax evasion and illegal trading in invoices.

The arrests followed a five-month investigation that began with the prosecution of 12 suspects over the illegal issuance and trading of invoices.

Expanding the probe, police found that from December 2021 to October 2025, Hiền and his accomplices had either established or acquired 326 legal entities to issue and sell value-added tax (VAT) invoices without corresponding legitimate transactions.

The companies issued more than 178,000 invoices to over 17,600 businesses and organisations across the country, police said.

The invoices recorded more than VNĐ18.3 trillion in the value of goods and services before tax, with VAT of VNĐ1.59 trillion, bringing their total stated value to nearly VNĐ20 trillion.

Police did not disclose the amount the network allegedly earned from selling the invoices or the tax losses caused by the scheme.

Authorities warned businesses to verify the origin and legality of input invoices and not to buy, sell or use fictitious invoices or those not backed by actual goods or services.

The investigation is continuing. — VNS