Vietnam police bust $105m cross-border money laundering ring
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A cross-border money laundering ring set up 30 companies and made 150 business bank accounts to transfer and legalise money that had been obtained through fraud or gambling.
PHOTO: BLOOMBERG
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HANOI – Vietnam police said on Feb 24 that they had arrested 21 people allegedly involved in a money laundering ring that moved US$78.5 million (S$105 million) of criminal cash between the South-east Asian country and neighbouring Cambodia.
The detainees – all Vietnamese from southern Dong Nai province and some northern provinces – were nabbed in mid-February, the police in Dong Nai province said in an online statement.
The gang, which had a woman ringleader, had “transferred money amounting (to) 2,000 billion dong (S$105 million) for gambling and online fraud for a cross-border organisation headquartered in Cambodia” since July 2024, the police said.
They had set up 30 companies and made 150 business bank accounts to transfer and legalise money that had been obtained through fraud or gambling, the police added.
In January, Vietnam police arrested five people and smashed a similar cross-border money laundering ring worth 30,000 billion dong.
In October 2024, Vietnamese property tycoon Truong My Lan was jailed for life
The property developer had already been handed the death penalty for fraud totalling US$27 billion in a separate case
