Police in Da Nang say the heist is the biggest money laundering case ever uncovered in the central coastal city.
Vietnamese police say they have arrested five people and busted a money laundering racket that brought in $1.2bn worth of money into the country from abroad.
Between 2022 and 2024, members of the ring – which included bank employees – created identification cards with bank seals to set up 187 businesses, and opened more than 600 bank accounts, according to authorities.
The accounts were used to transfer and legally register money obtained through fraud or gambling abroad, police said on Wednesday, adding that the total transaction amounted to about $1.2bn.
The arrests – including a bank employee – were made in Da Nang, in what police said was the biggest money laundering case ever uncovered in the central coastal city.
Police seized 122 fake stamps and 40 business registration certificates.
In October, Vietnamese businessman Truong My Lan was sentenced to life in prison on charges of money laundering, although he has appealed the sentence.
The developer had already been assigned the death penalty for a $27bn fraud in another case.