Vietnam police announce dismantling of $1.2bn money laundering ring
Police in Da Nang say bust is biggest money laundering case ever exposed in the central coastal city.
Vietnam police say they have arrested five people and smashed a money laundering ring that brought $1.2bn of criminal cash into the country from abroad.
Between 2022 and 2024, members of the ring – which included bank employees – forged identification cards and bank seals to establish 187 businesses, opening more than 600 corporate bank accounts, according to authorities.
The accounts were used to transfer and legalise money obtained through fraud or gambling abroad, police said in a statement on Wednesday, adding that total transactions amounted to about $1.2bn.
The arrests – including one bank employee – were made in Da Nang, where police said it was the biggest money laundering case ever exposed in the central coastal city.
Police have seized 122 fake seals and original copies of 40 business registration certificates.
In October, Vietnamese property tycoon Truong My Lan was jailed for life on money laundering charges, although she is appealing the verdict.
The property developer had already been handed the death penalty for fraud totalling $27bn in a separate case.
Al Jazeera with Agence France Presse – January 23, 2025