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Eleven people have been prosecuted, most of whom are directors, with a few being managers and accountants of companies in various provinces and cities. Photo: Provided by the Police.

Police in Ho Chi Minh City have arrested 11 individuals, including directors, managers, and accountants from multiple provinces, for their involvement in an illicit value-added tax (VAT) invoice trading network worth over 4.4 trillion VND ($183 million).

The suspects were detained today (January 4) as part of a widening investigation into an illegal invoice trading ring led by Hoang Dang Ngoc My Trang, 52.

According to authorities, the network created 41 shell companies to issue fake VAT invoices to 6,476 businesses across 52 provinces and cities in Vietnam.

Between April 2017 and March 2023, the ring sold 35,273 VAT invoices, covering transactions valued at 4 trillion VND ($167 million) excluding tax and 400 billion VND ($16.7 million) in VAT. The group’s illegal profits exceeded 60 billion VND (~$2.5 million).

The Ho Chi Minh City police have charged the suspects with “Illegal Trading of Invoices” and “Tax Evasion.” The city’s People’s Procuracy has approved the charges and detention orders.

This is the latest development in a case that has already resulted in 66 arrests. In mid-2024, My Trang was sentenced to five years in prison for her role as the ringleader.

Authorities have recovered approximately 50 billion VND (~$2.1 million) in illicit gains and tax evasion restitution so far.

The task force continues to investigate the network, focusing on individuals and businesses that utilized fake invoices issued by Trang’s shell companies.

Dam De