Vietnamese police announced the dismantling of a $1.2 billion money laundering ring Corruption news

Da Nang police say the bust is the biggest money-laundering case ever uncovered in the central coastal city.

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

According to authorities, between 2022 and 2024, members of the ring, which included bank employees, forged ID cards and bank seals to create 187 businesses and open more than 600 corporate bank accounts.

Police said in a statement on Wednesday that the accounts were used to transfer and launder money obtained through fraud or gambling abroad, with total transactions amounting to approximately $1.2 billion.

The arrests — including a bank employee — were made in Da Nang, where police said it was the biggest money-laundering case ever uncovered in the central coastal city.

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

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

The property had already been handed over to the developer death penalty for fraud totaling $27 billion in a separate case.