'Ecosystem' selling fake milk HIUP 27: Rapid capital increase, surprising revenue

According to the police investigation results, Z Holding earned 6,700 billion VND from selling fake HIUP 27 milk powder, mainly through a massive marketing strategy on social networks and hiring celebrities and KOLs to promote the product.

Among the defendants prosecuted and temporarily detained, three key leaders of Z Holding were investigated for two crimes: "Violating accounting regulations causing serious consequences" and "Producing and trading in counterfeit food products", including: Hoang Quang Thinh - Chairman of the Board of Directors, General Director; La Khac Minh - Deputy General Director; Nguyen Van Minh - Deputy General Director.

Z Holding was established in October 2020, operating mainly in the field of wholesale of functional foods, headquartered in Thanh Xuan district, Hanoi . The initial registered charter capital was 1.9 billion VND, including 3 founding shareholders: Nguyen Van Minh (contributing 40%), La Khac Minh (30%) and Le Thi Thao (30%).

Police said that Z Holding has collected up to 6,700 billion VND thanks to the consumption of fake HIUP 27 milk powder. (Illustration photo)

Notably, the three subjects who were just arrested, Hoang Quang Thinh, Nguyen Van Minh and La Khac Minh, established and operated dozens of businesses and hundreds of business households in the Z Holding "ecosystem", with a total of thousands of employees. Revenue was determined to be up to 6,700 billion VND.

In addition, the related list includes leaders of two other businesses: Nature Made Trading and Production Joint Stock Company and Alama Trading and Technology LLC.

In particular, Nature Made Trading and Production Joint Stock Company was identified as the direct producer of fake milk. Before the incident was exposed, this company advertised itself as "one of the leading production facilities in the field of manufacturing and processing powdered milk and food...".

According to data from the Hanoi Business Registration Office, Nature Made was newly established in February 2023, headquartered in Uy No Commune, Dong Anh District, with an initial charter capital of VND5 billion. Founding shareholders include: Dao My Linh (55% of capital), Le Van Duyen (25%) and Nguyen Thi Bich Hong (20%).

Although it has only been in operation for less than two years, this company has increased its capital three times. The most recent update was in May 2024, when its charter capital was raised from VND15 billion to VND45 billion. The adjusted shareholder structure was not disclosed.

Alama Vietnam Trading and Technology Company Limited is identified as the copyright owner and official distributor of HIUP milk. This company was established in May 2020, headquartered in Thanh Xuan district, Hanoi.

Alama's main business is wholesaling food, including vegetables, meat, sugar, milk and dairy products, and trading in functional foods... In addition, the company is also registered to operate in 59 other industries.

At the time of its establishment, Alama's charter capital was 1.9 billion VND. By July 2024, the company had increased its charter capital to 5 billion VND.

Before the incident was exposed, HIUP was advertised as research and development based on reputable scientific documents and professional consulting information from partners in the nutrition field.

In addition, before the noise about the "exaggerated" advertising of milk's benefits in April 2025, Alama issued a statement affirming that it was not related and had no connection with the organizations and individuals producing and trading nearly 600 types of fake milk powder reported by the media.

The Ministry of Public Security's Investigation Police Agency (C01) has just issued a decision to prosecute a criminal case, prosecute the accused, and temporarily detain 9 subjects who are leaders and employees of Z Holding Joint Stock Company (headquartered on Nguyen Trai Street, Thanh Xuan District, Hanoi) and 1 Director of Alama Trading and Technology Company Limited related to the act of producing and trading fake nutritional products called HIUP 27.
According to C01, the results of the assessment and verification show that the HIUP 27 product does not guarantee the ingredients and nutritional content as declared in the registration dossier. Based on the provisions of Point b, Clause 7, Article 3 of Decree No. 98/2020/ND-CP dated August 26, 2020 of the Government, this product is determined to be counterfeit.
Among the defendants prosecuted and temporarily detained, three key leaders of Z Holding were investigated for two crimes: "Violating accounting regulations causing serious consequences" and "Producing and trading in counterfeit food products", including: Hoang Quang Thinh - Chairman of the Board of Directors, General Director; La Khac Minh - Deputy General Director; Nguyen Van Minh - Deputy General Director.
In addition, 7 other defendants, who are financial and accounting officers and directors of related companies, were also prosecuted for similar acts, including some defendants accused of using "fake" test certificates to legalize documents and deceive authorities.
The investigation agency determined that when discovering the risk of being inspected, Z Holding's leadership directed the destruction and disposal of evidence related to the violating shipments.

Source: https://baolangson.vn/he-sinh-thai-ban-sua-gia-hiup-27-tang-von-don-dap-doanh-thu-giat-minh-5050778.html