A billion-dollar money laundering scheme linked to illicit online gambling has been taken down by Vietnamese authorities. This is among the biggest financial criminal busts in the history of the nation.
Five people were detained by Danang police on January 23 for allegedly laundering VND30 trillion, or roughly $1.2 billion. The operation, which ran from 2022 to 2024, was based on a complex plan that used fake documents and false identities.
To hide money from offshore gaming and fraud, the gang opened 600 corporate bank accounts and established 187 fictitious companies. Employees of the bank who helped with the transactions were among those engaged. This is the biggest money laundering case the city has ever seen, according to the authorities.
Illegal Sports Betting Operation Busted
Just days earlier, police in Vietnam uncovered a multimillion-dollar illegal online gambling ring operated by gangster Tran Trung Hieu, known as Hieu De. Based in Dong Nai province, the football betting network amassed VND1.2 trillion since 2023.
Law enforcement detained Hieu De and 15 others, seizing over VND1.1 billion in cash. Vietnamnet reported that the operation employed “professional, complex, and sophisticated methods” to evade detection.
Although online gambling remains illegal in Vietnam, the black market continues to flourish. Experts estimate its value at VND250.6 trillion, driven by demand and easy access to international betting platforms. Football betting dominates this underground scene, with most wagers placed on global matches.
Vietnam’s recent enforcement actions highlight the government’s commitment to tackling financial crimes and illegal gambling. The scale and sophistication of these operations underscore the challenges authorities face in curbing these activities.
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