The masterminds behind the ring were identified as Phan Thi Be, 29, and Le Van Diep, 27, both residing in the central province of Ha Tinh.

According to the investigation, on October 15, 2024, Diep traveled to Cambodia via Moc Bai International Border Gate to work for a game company based in Bavet, Svay Rieng province.

During his time there, he became acquainted with a Chinese man known as "Billy," a shareholder of the game company. Billy offered Diep a role in a money laundering operation, paying him a fee of 0.1% of the total laundered amount. After returning to Vietnam, Diep partnered with Be to rent an apartment in Da Lat in November 2024, using it as a base for the criminal operation.

They recruited 21 employees from various provinces and instructed them to open multiple bank accounts, then handed over the account details and passwords to Billy.

Each day, Billy transferred funds into these accounts and directed the Vietnamese recruits to immediately forward the money to designated accounts using QR codes he provided.

Following months of surveillance, on March 12, police raided Be’s apartment and caught 23 individuals red-handed in connection with the scheme.

The accounts involved in the operation processed transactions worth between VND20 billion and VND30 billion per day.

Thanh Hoa busts fraudulent investment scheme involving money laundering

VOV.VN - Police in Thanh Hoa province have dismantled a large-scale investment fraud ring that operated an illegal stock trading platform, built a multi-level marketing network, and used social media platforms to swindle victims out of over VND200 billion nationwide.