Vietnam police announce dismantling of $1.2bn money laundering ring

Police successful Da Nang accidental bust is biggest wealth laundering lawsuit ever exposed successful the cardinal coastal city.

Vietnam constabulary accidental they person arrested 5 radical and smashed a wealth laundering ringing that brought $1.2bn of transgression currency into the state from abroad.

Between 2022 and 2024, members of the ringing – which included slope employees – forged recognition cards and slope seals to found 187 businesses, opening much than 600 firm slope accounts, according to authorities.

The accounts were utilized to transportation and legalise wealth obtained done fraud oregon gambling abroad, constabulary said successful a connection connected Wednesday, adding that full transactions amounted to astir $1.2bn.

The arrests – including 1 slope worker – were made successful Da Nang, wherever constabulary said it was the biggest wealth laundering lawsuit ever exposed successful the cardinal coastal city.

Police person seized 122 fake seals and archetypal copies of 40 concern registration certificates.

In October, Vietnamese spot tycoon Truong My Lan was jailed for beingness connected wealth laundering charges, though she is appealing the verdict.

The spot developer had already been handed the death punishment for fraud totalling $27bn successful a abstracted case.