Vietnam police have announced the arrest of five individuals involved in a $1.2 billion money laundering operation in Da Nang. The ring, which included bank employees, set up 187 businesses with forged identification cards and bank seals, opening over 600 corporate bank accounts to transfer and legalize money obtained through fraud or gambling abroad. This has been described as the biggest money laundering case ever exposed in the coastal city.
Authorities have seized 122 fake seals and original copies of 40 business registration certificates in connection with the case. One of the arrested individuals was a bank employee, highlighting the level of sophistication and insider involvement in the operation.
This latest bust comes on the heels of the sentencing of Truong My Lan, a prominent property tycoon, to life imprisonment on money laundering charges. Lan is appealing the verdict and was previously given the death penalty for fraud amounting to $27 billion in a separate case. These high-profile cases underscore the government’s commitment to cracking down on financial crime and corruption in Vietnam.
The investigation into the money laundering ring is ongoing, with authorities working to uncover the full extent of the operation and identify any other individuals involved. The arrests and seizures made in Da Nang demonstrate the country’s determination to combat illicit financial activities and uphold the rule of law in financial transactions.
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