Vietnamese police have dismantled a major money laundering operation, arresting five individuals and seizing evidence connected to the illegal transfer of some $1.2 billion into the country, Al Jazeera reports, citing AFP.
The ring, active between 2022 and 2024, utilized a sophisticated network of shell companies and fraudulent documents to funnel criminal proceeds into Vietnam, authorities announced Wednesday.
According to police statements, the group, which included at least one bank employee, forged identification cards and bank seals to establish 187 seemingly legitimate businesses. These entities were then used to open over 600 corporate bank accounts. Investigators believe the accounts facilitated the transfer and “legalization” of funds obtained through overseas fraud and gambling operations.
During the operation, police confiscated a significant amount of evidence, including 122 counterfeit seals and original copies of 40 business registration certificates.
The bust comes amidst a broader crackdown on financial crime in Vietnam. In October, property tycoon Truong My Lan was sentenced to life imprisonment for money laundering, although she is currently appealing the verdict. Lan was previously sentenced to death for a separate fraud case involving a staggering $27 billion.
