Police in Vietnam have arrested five people who allegedly ran an illegal gambling ring that laundered US$1.2bn. [Image: Shutterstock.com]

Vietnamese police dismantled a global illegal online gambling ring that allegedly laundered about US$1.2bn from 2022 to 2024. Officers arrested five people and seized significant quantities of cash after executing search warrants in Da Nang.

used about 600 bank accounts and 187 fake corporations to launder the money

After generating revenue from offshore gambling and other illicit activities, the suspects used about 600 bank accounts and 187 fake corporations to launder the money. Among those arrested was a bank official who helped facilitate the transactions.

Vietnamese authorities are working hard to crack down on illegal gambling, with the black market worth an estimated VND250 trillion (US$10.4bn) annually.