Police freeze US$115 million in cross-border money laundering probe

Investigators have arrested 28 suspects and frozen more than VND3 trillion (approximately US$115 million) as part of the investigation.

According to Hai Phong City Police, the city's Investigation Police Agency has launched criminal proceedings against the suspects on charges of organising gambling, gambling and money laundering.

The operation followed an investigation into a cross-border criminal network that allegedly used Tether (USDT) transactions to conceal and transfer illicit funds.

Underground financial operation

Investigators said Chinese nationals established a closed money-transfer network operating in Vietnam.

To disguise the operation, the group allegedly recruited Vietnamese citizens to open bank accounts in their names in exchange for monthly payments of around VND5 million (about US$190) per account.

The suspects rented multiple apartments in Hanoi's Vinhomes Ocean Park urban area and operated around the clock in three shifts.

Authorities said the entire operation was coordinated remotely through private Telegram groups.

During coordinated raids on May 20, police searched several apartments and detained Le Trung Hieu, 15 other suspects and one Chinese national identified as Huang Limin.

Investigators alleged that Hieu was responsible for receiving gambling proceeds before purchasing large amounts of USDT through 27 cryptocurrency traders on Telegram and transferring the digital assets to cryptocurrency wallets controlled by overseas organisers.

Police said the network also maintained an internal "question-and-answer" handbook instructing members how to respond during police questioning or investigations.

Authorities described the organisation as operating like an "underground financial enterprise" specialising in processing illicit funds.

Millions of USDT traded daily

The investigation later identified Hoang Hai Van and Chau Duc Lam, along with more than 20 other suspects, as major suppliers of USDT to the network.

According to investigators, Van operated a professional cryptocurrency trading system with staff responsible for pricing, payment coordination, customer management and debt reconciliation.

Police said the operation handled USDT7-10 million per day through four to five cryptocurrency wallets.

The wallets were reportedly replaced every week to erase transaction trails and make financial tracking more difficult.

More than 2,000 bank accounts frozen

Authorities have seized more than 200 mobile phones and frozen 2,003 bank accounts across 36 commercial banks, with combined balances exceeding VND3 trillion.

Hai Phong police said the investigation remains ongoing as authorities seek to identify additional organisers, cryptocurrency traders and accomplices involved in the network.

Investigators are also working to trace, freeze and confiscate assets believed to have originated from criminal activities.

Six Filipinos arrested in HCM City for rigged gambling scam targeting tourists

VOV.VN - Police in Ho Chi Minh City have detained six Philippine nationals for allegedly luring foreign tourists into rigged card games and stealing approximately US$10,000 using fake "hell money."