Vietnam probes money transfer company implicated in $200 mil credit card fraud

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Vietnam police check documents at a company in HCMC offering money transfer services on June 7. The company is suspected to be involved in a US$200 million international credit card fraud case 

A company offering money transfer services in Ho Chi Minh City is being probed for suspected involvement in a US$200 million international credit card fraud selling stolen data.

News website VietNamNet said police raided offices of the Tran Chanh Company last week and seized many documents relating to the scam in connection with which UK authorities on May 5 filed charges against eight Vietnamese citizens and three UK citizens.

All the 11 people have been arrested in their respective countries.

Vietnamese authorities suspect that Tran Chanh Company had some connection with Van Tien Tu, who set up the website that had 16,000 members in Vietnam, the UK and the US.

They said Tu had managed to transfer around $1.5 million back to Vietnam, through Western Union service offered by the company, and spent the money on luxury cars.

Eight people in Vietnam are charged with running one of the world's largest Web forums dedicated to selling stolen data from 1.1 million cards, while the three UK citizens were "significant" users of the forum, the London-based Serious Organized Crime Agency said in a Bloomberg report.

Eight people in Vietnam are charged with running one of the world's largest Web forums dedicated to selling stolen data from 1.1 million cards, while the three UK citizens were "significant" users of the forum, the London-based said in a Bloomberg report.

The website, named "mattfeuter," gave members access through a secure login and let them specify the type of credit-card data they wanted to buy, offering discounts for bulk purchases, according to the London agency.

The website, named "mattfeuter," gave members access through a secure login and let them specify the type of credit-card data they wanted to buy, offering discounts for bulk purchases, according to the London agency.

It also used the data for online gambling.

The report said police in Vietnam, the UK and the US have been following the operation for two years. A Vietnamese law passed in 2009 criminalizes fraudulent procurement and possession of credit-card data.

Police are investigating the case further. They suspect it involves people in other Southeast Asian countries as well.

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