Phan Sao Nam And Nguyen Van Duong In The Development And Profit-Sharing Of The Online Gambling Software Rikvip – Tip.Club

Phan Sao Nam and Nguyen Van Duong participated in the development and profit-sharing of the online gambling software RikVip – Tip.Club. In early 2015, Nam met Duong in Ho Chi Minh City through a mutual acquaintance. Nam discovered that CNC Company, owned by Duong, served as a front for C50, a powerful organization. Nam proposed a collaboration to develop the online gambling software, and Duong agreed.

After an agreement was reached, Nam and Duong finalized the profit-sharing arrangements, which varied based on monthly earnings. According to the agreement, if earnings were below 5 billion Vietnamese dong, CNC would receive 30%, between 5 and 15 billion dong would result in 35%, and over 15 billion would be 40%.

However, in August 2015, both parties decided to adjust the revenue-sharing ratio. Under the new agreement, CNC (Duong) would receive 40% of the total revenue, while the remaining portion would belong to VTC (Nam). Every month, Nam would compile and provide detailed revenue documents and statistics. Based on these figures, both parties would divide the profits according to the agreed terms.

It is mentioned that Duong allocated 20% of his 40% profit share to a high-ranking police officer as a form of protection. The investigation revealed that CNC, Duong’s company, operated under the protection of General Nguyen Thanh Hoa. According to the signed contract, CNC would receive 80% of the profits, while the remaining 20% would go to C50.

With effective management from Duong and Nam, the gambling operation quickly expanded nationwide, with 25 agents and over 40 million active accounts. The operation even expanded internationally to attract more participants. The gambling platform was easily accessible through smartphones or iPads with an internet connection, and registration only took about 5 minutes.

Regarding the money laundering scheme, Duong managed to convert the illicit money earned from RikVip into clean funds through UDIC Investment Company. He instructed Doan Thi Thu Ha to transfer a portion of the gambling profits to UDIC, totaling over 576 billion dong. Duong also personally invested in the BOT Bac Giang – Lang Son project with an amount of 329.7 billion dong.

After executing the money laundering activities at UDIC, on April 17, 2017, Duong divided the company into two separate entities and sold the shares of UDIC to various construction companies and corporations, including Saigon Bridge Construction Corporation, Road Tunnel Management and Operation JSC, and Hai Thach Group, earning over 270 billion dong.

Duong then used 150 billion dong to open a savings account and purchased two floors of the ICON4 building for 61 billion dong. The remaining amount was used for personal purposes. Currently, the investigation agency has determined that Duong has not fully declared the profits he received and has concealed a significant portion of his illicit gains.