Police bust nearly $400,000 dollar-dong deal in Hanoi

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The General Department of Police under the Ministry of Public Security said Tuesday they caught four people red handed in an illegal foreign exchange transaction worth US$390,500.


The VnExpress reported that it was one of the largest such transaction caught by the authorities.


Duong Thi Thuy Trang and Nguyen Thi Thu Huyen, both staff of Khuong & Le Trade Investment Company, were caught exchanging the dollars for some VND8.4 billion from Nguyen Ngoc Tuan and Dao Manh Quan.


Tuan and Quan, who work for a gold shop on Nguyen Du Street, failed to present any license for foreign currency trading, police said, adding that the transaction was conducted at the Vietnam Export Import Bank (Eximbank).


Trang and Huyen told police that the dollars belonged to their director, Le Thanh Huong, who had assigned them to withdraw it from the bank to sell.


Meanwhile, representatives from the State Bank of Vietnam and Eximbank said the transaction wasn't related to them and that they would cooperate with police in investigating the case, VnExpress reported.  


Vietnam is cracking down own illegal dollar hoarding and trading to stabilize the currency market. The crackdown has virtually closed the unofficial foreign exchange market in Hanoi since last weekend. Many gold shops in Ho Chi Minh City have also stopped buying and selling dollars publicly to avoid tightened surveillance announced by the government.

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