Who is Nguyen Van Duong? Nguyen Van Duong is known as one of the masterminds behind a billion-dollar gambling racket involving the Rikvip online gaming portal, which was dismantled by the Ministry of Public Security in 2018. Prior to his criminal activities, Duong was the Chairman of the Board of Directors of UDIC company, involved in the Bac Giang – Lang Son expressway project and several other companies. However, the Ministry of Transport revoked the company’s participation in the project later on.
Duong also founded CNC company, known as a protective entity under the management of the C50 Department – Ministry of Public Security. Nguyen Van Duong played a crucial role as a key connector between Phan Sao Nam and other individuals. Consequently, Duong amassed significant illicit profits from his unlawful business operations.
How wealthy is Nguyen Van Duong? Unlike Phan Sao Nam, Nguyen Van Duong, when apprehended, was believed to possess fewer assets and faced challenges in paying off nearly 1.7 trillion VND in fines imposed by the judiciary. However, his illegal online gambling operations generated revenues in the billions. So why does this discrepancy exist?
According to investigations conducted by the authorities, Nguyen Van Duong accumulated 1.7 trillion VND from the proceeds of his online gambling activities. However, his current total assets are not substantial due to the following reasons:
- Duong contributed 576 billion VND to UDIC company.
- He invested 329 billion VND in the BOT project.
- He held two savings accounts with a combined value of 150 billion VND.
- He owned apartments on the 5th and 6th floors of Tower 61 in Dong Da District.
- Furthermore, during the search of Duong’s residence, law enforcement also discovered hundreds of expensive liquor bottles, each worth millions of VND.
In comparison to Phan Sao Nam’s modest lifestyle, Nguyen Van Duong’s extravagant lifestyle is evident through his collection of expensive wines and numerous other valuable items found at his residence. These aspects indicate that Nguyen Van Duong’s wealth is indeed substantial, as rumored. Additionally, since Duong primarily focuses on investment, if he were not apprehended, he would undoubtedly continue to earn enormous investment profits on a monthly basis.
Nguyen Van Duong’s wealth demonstrated through giving money to high-ranking police officers In 2012, Nguyen Van Duong submitted a request to the C50 Department for permission to operate online gambling in Vietnam. He also proposed favorable conditions for licensing the operations. In 2015, Nguyen Thanh Hoa, the former head of the C50 Department, directed the establishment of a protective company for gambling activities. This endeavor received approval from Phan Van Vinh, then-director of the General Department of Police.
However, during the course of operations, lower-level officials under Hoa’s command uncovered irregularities and reported them to their superiors. Unfortunately, Hoa prevented further investigation. After the investigation concluded, Duong confessed to bribing Hoa with a total of 22 billion VND to deter any investigation into Rikvip’s activities. Furthermore, Duong gifted Vinh a Rolex watch worth over 1 billion VND, along with cash totaling 27 billion VND and 1.75 billion USD in various amounts during festive occasions, ranging from 10,000 to 150,000 USD.
Although both Hoa and Vinh denied these allegations, investigative agencies have found substantial evidence supporting Duong’s extravagant gifts to the two high-ranking police officers. With Nguyen Van Duong’s immense wealth and generosity, it is evident that he bestowed lavish presents on individuals who aided his illicit activities.
Why is it difficult to enforce the court’s judgment and https://nguyenvanduong.net collect money from Nguyen Van Duong? Despite the clear demonstration of Nguyen Van Duong’s wealth, law enforcement agencies have encountered challenges in enforcing the court’s judgment and collecting money from him after his arrest and seizure of assets. However, the investigative agencies have not yet uncovered any evidence of asset diversion. So where has Duong’s money gone?
Upon the confiscation of Duong’s assets, the total amount listed includes:
- 150 billion VND from two savings accounts.
- 61 billion VND from the house in Dong Da District.
- Four luxury cars.
- 1 billion VND frozen in a bank account.
Duong’s wife attempted to deposit nearly 400 billion VND towards the enforcement of the court’s judgment, while the actual judgment amount is nearly 1.7 trillion VND. The primary reason for the difficulty in enforcing the judgment against Duong is that his two main investment sources are already depleted. Consequently, Nguyen Van Duong currently possesses limited significant assets, making the collection of the judgment amount challenging.