Da Nang police said the bust was the largest money laundering case ever busted in the central coastal city.
Vietnamese police say they have arrested five people and destroyed a money laundering ring that brought $1.2 billion in criminal cash into the country from abroad.
According to authorities, from 2022 to 2024, members of the group, including bank employees, created 187 businesses and opened more than 600 corporate bank accounts by forging identification documents and bank seals.
Police added in a statement on Wednesday that these accounts were used to transfer and legalize funds obtained through fraud and gambling abroad, with total transactions amounting to approximately $1.2 billion.
The arrests, including one bank employee, were made in Da Nang in what police said was the largest money laundering case ever busted in the central coastal city.
Police confiscated 122 fake seals and 40 original business registration certificates.
In October, Vietnamese real estate tycoon Truong My Lan was sentenced to life in prison on money laundering charges, but she is appealing the sentence.
The real estate developer had already been sentenced to death for fraud totaling $27 billion in a separate case.