Vietnam Police Break Up $1.2 Billion Money Laundering Scheme
Vietnamese police have arrested five people involved in a large money laundering ring that brought $1.2 billion into the country. The money came from crimes like fraud and gambling from other countries. The police said the group used fake IDs and forged bank seals to set up 187 fake businesses and open over 600 corporate bank accounts between 2022 and 2024. The accounts were used to move and clean money from illegal activities. The arrests, including one bank employee, were made in the city of Danang, where police said this was the biggest money laundering case ever uncovered. This case comes after the recent conviction of Vietnamese property tycoon Truong My Lan, who was sentenced to life in prison for money laundering. She is also appealing her verdict. In a separate case, she was sentenced to death for fraud involving $27 billion.
Police also seized 122 fake seals and original copies of 40 business registration documents.
