RCMP says buyers were defrauded in multi-million dollar car export scheme which appears to have been repeated across Canada
A scheme involving Canadian individuals buying luxury cars for export has resulted in three people being charged and many severely damaging their financial security.
Alberta RCMP's Federal Serious and Organized Crime (FSOC) section reported Thursday that three men - Duy Hung Nguyen (38), Quyen Hong Tran (61) and Thi Kim Hoang Quan (29) – were charged with fraud.
It followed an investigation into a scheme where several Canadians acted as ‘straw buyers’ to fraudulently purchase a total of 43 luxury cars that were exported to Vietnam for resale.
RCMP says that the funds received in Vietnam, the equivalent of CAD $10 million, were not paid to the straw buyers but kept by Nguyen.
The finance on the vehicles defaulted and resulted in ruined credit for the straw buyers and a loss of around $2.6 million for various financial institutions.
It is believed that Nguyen has also been responsible for similar fraudulent operations across Canada using the aliases Ken, Mike, Hung, Tomy and Ryan.
Financial ruin
The FSOC investigation was supported by several agencies including The Financial Transactions and Reports Analysis Centre of Canada, Canada Revenue Agency, and Insurance Bureau of Canada.
The victims of this scheme have suffered considerable loss, including bankruptcy, financial ruin and mental and emotional stress," said Cst. Phil Pinon, FSOC. "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."
RCMP is reminding Albertans that that they are responsible for any asset purchase or loan they obtain in their name and if they allow someone else to use their name or credit, they are responsible and legally accountable for that purchase.
Those who believe they have been victims of the fraud are urged to contact Edmonton FSOC at 780-412-5530 or [email protected].
Charges
On June 9, 2020, Duy Hung Nguyen was arrested in Burnaby, B.C. and charged with the following Criminal Code offences:
- 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.
On June 9, 2020, Quyen Hong Tran was arrested in Edmonton and charged with the following Criminal Code offences:
- Fraud Over $5,000
- Money laundering, and
- Trafficking in proceeds of crime.
On June 11, 2020, Thi Kim Hoang Quan was arrested in Leduc County and charged for the following Criminal Code offences:
- Fraud over $5,000
- Make forged documents
- Utter forged documents
- Money laundering, and
- Trafficking in proceeds of crime.
