Vietnamese police announce bust of $1.2 billion money laundering ring | News about corruption
Police in Da Nang say the arrest is the biggest money laundering case ever uncovered in the central coastal city.
Vietnamese police say they have arrested five people and busted a money laundering ring that brought $1.2 billion in criminal money into the country from abroad.
Between 2022 and 2024, members of the ring — which included bank employees — forged ID cards and bank seals to set up 187 businesses, opening more than 600 corporate bank accounts, according to authorities.
The accounts were used to transfer and launder money obtained through fraud or gambling abroad, police said in a statement on Wednesday, adding that the transactions totaled about $1.2 billion.
The arrests – including a bank employee – were made in Da Nang, where police said it was the biggest money-laundering case ever uncovered in the central coastal city.
The police confiscated 122 fake stamps and original copies of 40 certificates of trade registration.
In October, Vietnamese real estate tycoon Truong My Lan was sentenced to life in prison on money laundering charges, although she appealed the verdict.
It has already been delivered to the investor death penalty for fraud totaling $27 billion in a separate case.
