Massive $183 Million VAT Fraud Ring Busted in Vietnam, 11 Arrested

• Eleven individuals arrested in Ho Chi Minh City for involvement in a VAT invoice fraud scheme worth 4.4 trillion VND or 183 million USD
• Those arrested include directors, managers, and accountants from various provinces
• The fraud involved creating 41 shell companies to issue fake VAT invoices to over 6,476 businesses across 52 provinces and cities in Vietnam
• From April 2017 to March 2023, the ring sold 35,273 VAT invoices covering transactions worth 4 trillion VND excluding tax and 400 billion VND in VAT
• The illegal profits from the scheme exceeded 60 billion VND or approximately 2.5 million USD
• Charges include Illegal Trading of Invoices and Tax Evasion
• The People’s Procuracy of Ho Chi Minh City has approved the charges and detention orders
• This case has led to 66 arrests so far with the ringleader My Trang sentenced to five years in prison in mid-2024
• Authorities have recovered about 50 billion VND or 2.1 million USD in illicit gains and tax evasion restitution
• Investigation continues focusing on individuals and businesses that used fake invoices from the shell companies

Source: vietnamnet.vn

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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