Vietnamese police bust massive money laundering network linked to Japan

The operation was conducted in coordination with the ministry’s Department of Cybersecurity and Department of Foreign Relations, with support from the Japanese side.

Investigators identified the case as involving a complex, anonymous cybercrime network, with criminal activities taking place in Japan from early 2025.

According to the investigation, a group of foreigners impersonated bank employees and made fraudulent calls targeting enterprises in Japan to gain control of their bank accounts.

One major incident occurred on March 10 last year, when 15 Japanese nationals were deceived into transferring some 707 million yen (US$4.5 million) into three bank accounts held by Deep Impact, Venture Investors, and Luna Development, which were allegedly controlled by the fraud group.

Immediately after obtaining the illicit funds, the suspects moved to erase transaction trails and transfer the money out of Japan through their contacts in Vietnam.

Upon receiving the funds, the Vietnamese network members reportedly converted the money into crypto assets, including USDT and Ethereum (ETH), before transferring them back to digital wallets controlled by foreign criminal groups.

They received illicit commissions of 1-2 percent per transaction.

The network had operated covertly for years.

By the time the ring was busted, some suspects had used their personal bank accounts to facilitate money flows worth trillions of Vietnamese dong.

Seven suspects charged

Based on the evidence collected, the Investigative Police Agency under the Phu Tho Department of Public Security initiated criminal proceedings against seven suspects.

Three of the individuals were arrested on money laundering charges, including Vu Tung Linh, a 33-year-old resident of Phu Tho Province, Le Duc Hung, 32, residing in Thanh Hoa Province, and Nguyen Van Nam, a 28-year-old resident of Phu Tho.

Officers also imposed a travel ban on four other suspects accused of illegally transferring currency across national borders.

They are Nguyen Thanh Huyen, Le Thi Binh, Huynh Thi Kim Dung, and Nguyen Thi Thanh Huyen, aged from 29 to 34, residing in Hanoi, Bac Ninh Province, and Phu Tho.

During emergency searches, investigators seized six smartphones, one tablet, a car, three savings books worth a combined VND6 billion ($231,940), five land-use rights certificates, and several gold- and silver-colored metal bars.

The investigation remains ongoing as authorities work to identify additional individuals involved in the network and clarify the full scope of the alleged crimes.

Phu Tho police have called on anyone connected to the case to voluntarily report to the authorities and provide truthful statements, which will be considered in accordance with the law.

Cross-border cooperation traces cryptocurrency transactions

The case highlighted cooperation among the Phu Tho Department of Public Security’s cybersecurity and criminal police units, the provincial People's Procuracy, relevant units of the ministry, and Japan’s National Police Agency.

The coordinated exchange of operational intelligence and cross-border electronic data enabled investigators to trace individual on-chain transactions, follow the movement of funds and identify key links in the network, according to the ministry.

Police warn against lending bank accounts

Police urge the public to remain vigilant and refrain from buying, selling, renting out or lending bank accounts to others.

They also warn against participating in underground money-transfer networks or any activities that facilitate money laundering.

Vietnamese citizens studying, working or living in Japan are specifically advised to comply with Japanese law and avoid informal three-party currency exchanges, unauthorized foreign currency trading, and other illegal financial transactions.

Involvement in such activities could expose individuals to legal consequences and damage the reputation of Vietnamese communities overseas.