Central Da Nang City’s police have busted the largest-ever transnational money laundering syndicate in Vietnam, arresting five suspects and seizing several exhibits.

According to initial investigation, between 2022 and 2024, T.Q.T., 36, residing in Hai Chau district, Da Nang City, was involved in forging citizen identification cards to establish 187 enterprises. In addition to this, T.Q.T. counterfeited several seals of banks, state agencies, and notary organizations to authenticate fake identification cards and business registration certificates for the businesses.

The suspect also registered over 600 corporate bank accounts, later reselling them to other individuals for the purpose of facilitating and legalizing illicit financial flows. These transactions were primarily linked to crimes such as fraud and gambling originating from abroad, aimed at bypassing the scrutiny of law enforcement agencies.

Police forces revealed that the total transactions processed through the fake corporate accounts amounted to nearly VND30 trillion ($1.19 billion), with foreign currency transactions estimated at more than VND300 billion ($11.9 million).

The case is under further investigation.