Four more people arrested in banker-led forgery ring

Hanoi police have arrested four more people for suspected involvement in a banking scam related to falsifying seals and documents of organizations and institutions to steal money.

Tran Quoc Hieu, Le Mai Giang, Bui Tan Hoang and Mai Van Khanh are believed to have falsified seals and documents of various organizations and institutions. The last two also engaged in fraudulent appropriation, Dong Da district police have said.

The ring, led by Nguyen Huu Hoang – an employee of HDBank (Ho Chi Minh Stock Exchange or HoSE: HDB) who has since been dismissed from his position – was busted in April 2023.

Results of initial investigations are that from September 2022 to February 2023, Hoang falsified over 60 seals and hundreds of documents from organizations, institutions and individuals to misappropriate over VND250 million ($9,820).

Aware of Huu Hoang’s activities, Hieu paid him VND15 million ($589) for fake labor contracts and bank statements to open five credit accounts for customers at LPBank (HoSE: LPB), resulting in the misappropriation of VND107 million ($4,200).

Bui Tan Hoang and Mai Van Khanh were helped by Huu Hoang to open credit accounts. Using the same modus operandi, Le Mai Giang opened 12 credit cards worth VND1.5 billion ($58,930) and siphoned off VND800 million ($31,430).

In addition to the latest arrestees, police have identified nine more suspects with connections to the ring, including seven employees and agents of several banks in Hanoi.

Police have said they're expanding investigations into the case.