Vietnamese police have announced the dismantling of a $1.2bn money laundering ring | Corruption News

Police in Da Nang say the car break-in is the biggest crime ever uncovered in the central coastal city.

Vietnamese police say they have arrested five people and busted a money laundering ring that brought in $1.2bn of criminal money into the country from abroad.

Between 2022 and 2024, members of the ring – including bank employees – forged identity cards and bank stamps to establish 187 businesses, opening bank accounts for more than 600 companies, according to authorities.

The accounts were used to transfer and legalize money obtained through fraud or gambling abroad, the police said in a statement on Wednesday, adding that the total transactions reached $1.2bn.

The arrests – including a bank employee – took place in Da Nang, in what police say is the biggest crime ever in the coastal city.

Police seized 122 fake stamps and original copies of 40 business registration certificates.

In October, Vietnamese property tycoon Truong My Lan was sentenced to life in prison for money laundering, although he appealed the verdict.

The architect had already been given the death penalty for fraud involving $27bn in a separate case.