Da Nang police said this was the largest money laundering case ever uncovered in the central coastal city.
Vietnamese police say they have arrested five people and broken up a money laundering ring that brought $1.2 billion in criminal funds from abroad into the country.
According to authorities, from 2022 to 2024, members of the organization, including bank employees, established 187 businesses and opened more than 600 corporate bank accounts by forging identification cards and bank seals.
The accounts were used to transfer and legitimize funds obtained through fraud or overseas gambling, police said in a statement Wednesday, adding that the total transactions amounted to about $1.2 billion.
The arrests, including one of a bank employee, took place in Da Nang, where police said it was the largest money laundering case ever uncovered in the central coastal city.
Police confiscated 122 counterfeit seals and 40 original business registration certificates.
Last October, Vietnamese real estate tycoon Truong My Lan was sentenced to life in prison for money laundering, but appealed the sentence.
The real estate developer has already been sentenced to death for fraud totaling $27 billion in a separate case.
