A massive $1.2 million money laundering operation was dismantled in Da Nang, Vietnam - the largest ever uncovered in the city.
Authorities in Da Nang, Vietnam have announced the dismantling of a massive money laundering operation, believed to have processed nearly $1.2 billion in illicit funds. The bust, which resulted in the arrest of five individuals, including a bank employee, marks the largest money laundering case ever uncovered in the central Vietnamese city, and potentially nationwide.
According to police reports released January 22, the sophisticated scheme operated between 2022 and 2024, utilizing forged identification documents and counterfeit bank seals to create a network of nearly 190 shell companies. These companies, in turn, opened over 600 corporate bank accounts, facilitating the transfer and "laundering" of funds originating from overseas fraud and online gambling activities.
"This operation represents a significant blow to organized crime in our region," stated a police spokesperson. "The scale and complexity of this scheme demonstrate the lengths to which criminals will go to conceal their illicit gains."
The investigation revealed that members of the ring, with the inside assistance of at least one bank employee, meticulously crafted false identities and replicated official bank seals to establish the numerous shell companies. This allowed them to move vast sums of money through the legitimate banking system, obscuring its criminal origins.
The arrests were carried out in Da Nang, a popular tourist destination. Authorities have seized 122 fake seals and 40 original business registration certificates, providing further evidence of the elaborate forgery operation.
This case follows the high-profile conviction of Vietnamese property tycoon Truong My Lan, who received a life sentence for money laundering in October, although she is appealing the verdict. Lan was also sentenced to death in a separate case involving $27 billion in fraud. While not directly related, both cases highlight the ongoing efforts of Vietnamese authorities to combat financial crime and corruption.
The Da Nang police are continuing their investigation and anticipate further arrests as they delve deeper into the intricate network of the money laundering operation.
Read related article: Major bank in Vietnam denies involvement in gambling scandal
Comments