Vietnamese authorities have taken decisive action against a sophisticated money-laundering operation, arresting five individuals involved in a criminal ring responsible for funneling $1.2 billion into the country. The arrests, executed in Danang, mark the largest money laundering case ever exposed in the region. The ring operated between 2022 and 2024, employing intricate methods to disguise illicit funds obtained through fraud and gambling abroad.
In their investigation, police uncovered a trove of forged documentation, including 122 fake seals and 40 original business registration certificates. These documents were instrumental in the creation of 187 fictitious businesses. Leveraging these entities, the perpetrators opened over 600 corporate bank accounts, which facilitated the transfer and legalization of vast sums of money.
Authorities revealed that one of those arrested was a bank employee, highlighting the involvement of insiders in the operation. The fraudulent accounts amassed transactions totalling approximately $1.2 billion, underscoring the scale and complexity of the scheme.
This crackdown is part of broader efforts by Vietnamese law enforcement to combat financial crimes. In a related high-profile case, Vietnamese property tycoon Truong My Lan was jailed for life on money laundering charges. Although she is appealing her verdict, Lan had previously been sentenced to death for a separate fraud case involving $27 billion.
The discovered money-laundering network underscores the necessity for vigilant monitoring of financial activities within Vietnam. The case also highlights potential vulnerabilities within the banking sector, where internal collusion can facilitate such large-scale operations.
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