HANOI: According to Vietnamese police, they have detained five individuals and dismantled a money-laundering network that imported US$1.2 billion (S$1.6 billion) in illicit funds into the nation.
Members of the ring, including bank personnel, created 187 firms and opened over 600 corporate bank accounts between 2022 and 2024 by forging identification documents and bank seals.
Police said in a statement on Wednesday (Jan 22) that the accounts were used to transfer and legalize money earned through gambling or fraud overseas, with a total transaction value of around US$1.2 billion.
Police in Danang claimed the arrests, which included one bank employee, were the largest money laundering case ever made public in the central coastal city.
Police in Danang claimed the arrests, which included one bank employee, were the largest money laundering case ever made public in the central coastal city.
Original copies of 40 business registration certificates and 122 counterfeit seals have been found by the police.
Vietnamese real estate magnate Truong My Lan was found guilty of money laundering in October and sentenced to life in prison; however, she is contesting the decision.
In a different case, the real estate developer had previously been sentenced to death for US$27 billion in fraud.