Vietnam banker confesses to forging currency

TN News

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Police in the Mekong Delta province of Bac Lieu announced they have detained a senior banker and his accomplice in connection with an ongoing investigation into their counterfeiting operation.

Le Anh Duy, 33, director of a Bac Lieu branch of Kien Long Bank, turned himself over to authorities on June 19, after several fake currency traders were arrested in the Mekong Delta recently, said Lieutenant Colonel Nguyen Duc Minh from Bac Lieu Police.

Phan Van Hieu, also 33, was then arrested after Duy told police that Hieu had helped store the money and destroy it when necessary.

Duy told the police that he began counterfeiting currency in December last year. He gave VND255 million (US$10,760) in legitimate funds to a woman named Ta Ngoc Thuong, instructing her to use it to purchase VND500 million of forged money from a Ho Chi Minh City man named Trong.

After hearing reports of other counterfeiters being caught, Duy had Hieu burn and dispose the fake money. Hieu reportedly dumped some of the cash in a local canal and police have estimated that around 100 VND100,000 notes were then picked up and used successfully by locals.

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Police are investigating further and calling on all those involved to turn themselves in.

According to Vietnam's Penal Code, those convicted of counterfeiting over VND50 million face a minimum ten year prison term and are eligible for the death penalty.

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