Nguyen Van Duong’s Profit Share in RikVip – What Percentage Did He Receive

Based on the investigative findings, Phan Sao Nam, born in 1979, was a highly knowledgeable individual in the field of information technology. In 2014, Nam discussed and decided with Hoang Thanh Trung, former Director of VTC Intecom Software Center, to develop gambling software in the form of the online card game RikVip – Tip.Club.

Around early 2015, Phan Sao Nam met Nguyen Van Duong in Ho Chi Minh City through a mutual acquaintance. Through this meeting, Nam learned that CNC Company was the cover company for C50. Therefore, Nam proposed cooperation to release the online card game software and received Nguyen Van Duong’s agreement.

After the negotiation session, Nam and Duong made final decisions and reached agreements on profit sharing based on different monthly thresholds. So, how much percentage of the profit did Nguyen Van Duong receive from RikVip? Specifically, for amounts below 5 billion dong, CNC Company would receive 30%, from 5 to 15 billion dong, they would receive 35%, and above 15 billion dong, they would receive 40%.

However, in August 2015, both parties discussed and made a final decision to adjust the revenue sharing ratio. According to the new agreement, CNC Company, namely Nguyen Van Duong, would receive 40% of the total revenue, while the remaining portion would belong to VTC Company, namely Phan Sao Nam. Every month, Nam would directly compile documents and data on revenue and create a detailed statistical report reflecting the revenue. Based on these nguyen van duong rikvip statistics, the two would divide the profits according to the agreed terms.

The 20% Profit-Sharing Contract for Police Protection

With a 40% profit share, Duong did not receive the full amount but proceeded to “share” 20% of that profit with a police general for protection. During the investigation conducted by the Phu Tho Provincial Police, it was revealed that Nguyen Van Duong’s CNC Company operated under the protection of General Nguyen Thanh Hoa from the C50 unit. According to the signed contract, CNC would receive 80% of the profit, while 20% would go to C50.

Operating for a short period with the skilled management of Duong and Nam, the gambling network expanded nationwide with 25 agents and over 40 million active accounts. The network also expanded internationally to attract more participants. With a simple playing format that only required a smartphone or iPad with an internet connection, anyone could easily join within about 5 minutes of registration.

How Did Nguyen Van Duong Launder the Profits from RikVip?

According to the investigation results, Nguyen Van Duong profited over 1,655 billion dong. To transform the dirty money into clean money, Nguyen Van Duong engaged in intricate money laundering through the UDIC Investment Joint Stock Company.

Nguyen Van Duong instructed Doan Thi Thu Ha to transfer a portion of the profits earned from RikVip’s activities to UDIC with an amount exceeding 576 billion dong. He also directly participated in capital contributions to the BOT Bac Giang – Lang Son project with an amount of 329.7 billion dong.

After conducting money laundering activities at UDIC, on April 17, 2017, Duong split UDIC into two separate companies and sold the ownership shares of UDIC to construction companies and groups such as Saigon Construction Corporation, Road and Tunnel Management and Operation Joint Stock Company, and Hai Thach Corporation, earning over 270 billion dong.

Subsequently, Duong used 150 billion dong to open a savings account and purchased two floors of the ICON4 building for 61 billion dong. The remaining money was used for personal purposes. Currently, the investigating agency has determined that Nguyen Van Duong has not fully declared the profit amounts received and has concealed a significant portion of his ill-gotten gains.