Five suspects underwent arrest by Vietnamese authorities while their investigation disrupted a money laundering scheme that handled criminal money worth $1.2 billion throughout the country.
Between 2022 and 2024 the group which comprised bank workers forged identification documents and bank stamps to establish 187 fraudulent business operations. Police reports indicate that numerous fake businesses within this network established 600 corporate bank accounts for laundering huge sums acquired by international frauds and gamblers.
A bank employee faced arrest with other individuals at the site of the central coastal city’s biggest money laundering operation to date. The police investigation yielded both 122 fake official stamps along with 40 genuine business registration documents.
The illegal network processed operating transactions worth $1.2 billion which demonstrated the extensive nature of the operation according to authorities.
Shortly after Truong My Lan’s property tycoon received life imprisonment for money laundering in October 2018 additional crackdowns occurred. Lan is pursuing a conviction appeal despite already receiving a death sentence for defrauding investors out of $27 billion money.
Growing concerns about exploitative activities within banking operations have prompted Vietnamese law enforcement to ramp up their financial crime fighting efforts.
