Edmonton (June 16, 2020) – The Alberta RCMP charged three in connection with a multimillion-dollar international luxury vehicle fraud. The Mounties arrested Duy Hung Nguyen and two further suspects on June 9 on multiple fraud charges. Nguyen allegedly used multiple straw buyers and associates to fraudulently purchase luxury vehicles and export them to Vietnam for resale. The multimillion-dollar scheme defrauded several Canadian straw buyers in the purchase amount of the vehicles, which caused bad credit scores. Subsequently, various financial institutions lost over $2.6 million.
The Alberta RCMP uncovered a multimillion-dollar international luxury vehicle export scheme, which fraudulently obtained luxury vehicles in Canada and then shipped them to Vietnam for resale, according to a press release. In doing so, the suspects are accused of defrauding several Canadians in the purchase amount of a vehicle. As a result, they charged three suspects including the 38-year-old Duy Hung Nguyen.
Multimillion-dollar international luxury vehicle fraud
The investigation, which was conducted by the RCMP’s Federal Serious and Organized Crime section, determined that Nguyen used multiple straw buyers and associates in order to fraudulently purchase luxury vehicles in Canada.
Straw buyers usually are people who purchase something on behalf of another person to circumvent legal restrictions or to commit fraud. Within one year, Nguyen allegedly managed to get a hold on 43 brand new luxury vehicles and exported them for resale to Vietnam. Reportedly, the vehicles included models from Toyota, Lexus, Ford, Audi, Honda, and Harley-Davidson. The police estimated that the approximate value of the vehicles sold in Vietnam would be $10 million.
The investigators found out that those funds were filtered back to Nguyen in Canada, but the straw buyers came away empty-handed. The straw buyers, who financed the vehicles defaulted, ‘ruined’ their credit for defaulting on their loans, according to police. Subsequently, various financial institutions lost over $2.6 million to the export fraud scheme.
‘The victims of this scheme have suffered considerable loss, including bankruptcy, financial ruin and mental and emotional stress,’ said Constable Phil Pinon of the Federal Serious and Organized Crime section. ‘If you do not need to purchase a vehicle for yourself, do not purchase a vehicle at all. You will be held solely responsible for the payments and the effect it will have on your financial status.’
‘If you do not need to purchase a vehicle for yourself, do not purchase a vehicle at all.’
During the investigation, the Alberta RCMP partnered with various agencies, vehicle crating companies, vehicle dealerships, freight forwarding companies, and financial institutions. As a result, Nguyen was arrested in Burnaby on June 9. He has been charged with Fraud over $5,000, Make forged documents, Utter forged documents, Cause forged documents to be used, Money Laundering, Trafficking in proceeds of crime, and Utter threats to cause death or bodily harm.
Moreover, the Mounties arrested Quyen Hong Tran (61) in Edmonton and Thi Kim Hoang Quan (29) in Ledu County on the same day in connection with the export scheme. Tran is facing Fraud Over $5,000, Money laundering, and Trafficking in proceeds of crime charges. Quan was charged with Fraud over $5,000, Make forged documents, Utter forged documents, Money laundering, and Trafficking in proceeds of crime.
The police believe that Nguyen has conducted the same fraud in other jurisdictions across Canada and has used the following aliases: Ken, Mike, Hung, Tomy, and Ryan. Anybody who became a victim of Nguyen is asked to contact Edmonton Federal Serious and Organized Crime section at 780-412-5530 or KSOCEdmonton@rcmp-grc.gc.ca.
The RCMP reminded Albertans that they are responsible for any asset purchase or loan they obtain in their name. If someone allows anyone else to use their name or their credit, they are responsible and they are legally accountable for that purchase.
Read more: Man wanted for $500K luxury car frauds
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.