Ngan Luong is a key investigator in the Shark Binh case
At the press conference on the afternoon of October 14, Hanoi City Police said that Ngan Luong Payment Portal is one of the payment gateways in the ecosystem of defendant Nguyen Hoa Binh (Shark Binh) - Chairman of the Board of Directors of NextTech Group Joint Stock Company (NextTech Group).
According to the investigation agency, Ngan Luong is a payment gate that is "especially interested" through money transfer activities of e-wallets. Currently, the police are clarifying many activities related to money transfers of this Payment Portal as well as other financial activities, not only related to virtual currency.
Hanoi City Police emphasized that tracing the cash flow through Ngan Luong is the key to determining the scale and direction of cash flow in the NextTech Group ecosystem, thereby clarifying the behavior of money laundering, concealing the origin of assets or appropriation of the defendants.
The diverse service ecosystem helps Ngan Luong dominate the payment market
According to research, Ngan Luong Payment Intermediary Portal Joint Stock Company (Ngan Luong) was established in 2012, headquartered in Hanoi, operating in the field of electronic payments with the outstanding product being the Nganluong.vn portal.
This business introduces itself as "the largest internet banking payment portal in Vietnam", allowing users to pay online via bank or Nganluong.vn e-wallet. According to the company's introduction, this platform has millions of users, hundreds of thousands of active wallet accounts and payment traffic accounting for more than 50% of the market share.
Ngan Luong introduces a comprehensive solution for sellers such as receiving online payments with the most payment channels in Vietnam, including: International card, domestic ATM card, Internet banking, QR-Pay, e-wallet, bank transfer. The company also receives installment payments, household expenses, Tokenization card linkages, payments via MPOS, Tingbox notification speakers and Payment Link payments.
Ngan Luong also supports cross-border payment and money transfer services. According to the introduction, this payment portal collects VND payments for overseas merchants from customers in Vietnam; supports all popular forms of payment such as international cards, domestic cards, QR-Code, Mobile Banking, e-wallets, etc.
Ngan Luong's affiliated bank will transfer money (exchanged into foreign currency USD, CNY...) to merchant abroad after deducting taxes and fees according to the provisions of Vietnamese law on cross-border e-commerce transactions.
For buyers, Ngan Luong introduces support for users to pay online for many public administrative services such as: payment for financial obligations on land, personal tax, electricity bill, traffic violation fines, voluntary social insurance payment and health insurance according to household, fee payment, fees...
Strong fluctuations in capital, personnel and violations are handled
By early 2024, Ngan Luong suddenly registered to change its charter capital, reducing it sharply by more than 85%, from nearly 370 billion VND to just over 52 billion VND. Along with the capital reduction, the company also changed senior personnel when Mr. Dinh Hong Quan (born in 1988) was appointed as General Director and legal representative.
In addition, Mr. Dinh Hong Quan also represented other enterprises including: Godgame Service Joint Stock Company and HTTPS Vietnam Technology Joint Stock Company.
Regarding business activities, Ngan Luong had a golden period in 20162018, with revenue of up to thousands of billions of VND, bringing hundreds of billions of VND in profit to NextTech. However, with the development and market, the popularity of the Nganluong.vn platform has decreased compared to before due to fierce competition with emerging e-wallets in the market and gradually becoming less mentioned among popular consumers.
In the realm of Rikvip - a trillion-dong gambling ring, the authorities have pointed out the role of payment intermediaries, in which Ngan Luong is listed as one of the related gateways.
By 2023, Ngan Luong e-wallet will continue to appear as a deposit method on the Forex Exness exchange - a platform not licensed in Vietnam. Ngan Luong's side said at that time that this was a transaction from an individual wallet and the company had locked their account to request an explanation.
In June 2024, the Hanoi Tax Department inspected and concluded a series of tax violations in the tax sector at Ngan Luong. As a result, the company was collected and fined a total of more than 1.2 billion VND.
