Vietnamese Police Launch Major Crackdown on Money Laundering, 5 Arrested, $1.2 Billion Seized
Da Nang, Vietnam, January 23 – Vietnamese police have announced that they have dismantled a money laundering gang that was illegally bringing in $1.2 billion from abroad. Five people have been arrested in the operation, which is reportedly the largest money laundering case in Da Nang city to date.
According to a statement from the police, from 2022 to 2024, members of this gang, which included bank employees, set up 187 businesses and opened more than 600 corporate bank accounts using fake identification documents and forged bank seals. Through these accounts, they legalized and transferred money earned from overseas gambling or fraud into the local economy. The total value of these transactions amounted to approximately $1.2 billion.
The operation took place in Da Nang city, where police claim it is the largest money laundering case in the city’s history. Authorities seized 122 fake seals and 40 business registration certificates during the raid.
In October, a prominent real estate businessman in Vietnam, Truong Mi Lan, was sentenced to life imprisonment for money laundering, although he has appealed the verdict. The businessman has already been sentenced to death for a $27 billion fraud charge.
This crackdown is seen as part of Vietnam's ongoing strict measures against money laundering.
