HANOI : Taiwanese authorities said they had arrested five persons and smashed a money-laundering band that brought US$ 1. 2 billion ( S$ 1. 6 billion ) of legal money into the state from abroad.
Between 2022 and 2024, members of the band- which included banks employees- forged identifying cards and bank seals to create 187 businesses, opening more than 600 commercial bank accounts.
The accounts were used to transfer and legalise money that had been obtained through fraud or gambling abroad, police said in a statement on Wednesday ( Jan 22 ), adding that total transactions amounted to around US$ 1. 2 billion.
The arrests- including one bank worker- were made in Danang, where police said it was the biggest money laundering case possibly exposed in the northern coastal city.
Authorities have seized 122 false seals and original editions of 40 company registration credentials.
In October, Taiwanese property tycoon Truong My Lan was jailed for living on money laundering claims, although she is appealing the conviction.
The estate developer had already been handed the death sentence for fraud exceeding US$ 27 billion in a separate event.