Vietnam authorities have crushed the nation’s largest money laundering ring that brought in $1.2 billion from foreign countries.
According to reports, the members of the cash washing ring included bank employees and utilized sophisticated methods – such as forging ID cards and bank seals to set up businesses.
This included over 600 corporate bank accounts linked to nearly 190 businesses.
The money was sourced from fraud or online gambling activities, with total transactions nearing $1.2 billion.
Authorities so far have arrested five people, including one bank employee.
The arrests were carried out in the tourism-centric city of Da Nang.
This marks the largest ever money laundering case exposed in the city, and in the nation.
