21-5-2024 (HANOI) In a landmark case that underscores Vietnam’s unwavering stance against financial crimes, a Hanoi court has delivered a resounding verdict, sentencing 21 individuals to substantial prison terms for their roles in a vast international money laundering network orchestrated by Chinese nationals. The sentences, ranging from 6 to 18 years, serve as a stern warning to those who would engage in such illicit activities.
The ruling, handed down on Monday, saw 14 defendants charged with “fraudulent appropriation of property” receiving sentences between 12 and 18 years. At the helm of this criminal enterprise stood Mac Binh Hung, a 33-year-old identified as the ringleader, who received the highest sentence of 18 years behind bars.
The remaining seven individuals, convicted of “money laundering,” were not spared the court’s wrath, facing imprisonment terms ranging from 6 to 11 years for their involvement in this intricate web of financial deception.
The investigation into this elaborate scheme began in late 2022 when Vietnamese authorities apprehended Hung and numerous other members of the 777pay criminal group, which operated under the auspices of the Jinbian Company. According to police reports, Jinbian is a Cambodia-based criminal organization that specializes in laundering illicit funds obtained through online gambling platforms and various scams.
The modus operandi of this nefarious syndicate involved acting as an intermediary payment gateway, facilitating the transfer and conversion of illegally obtained money into “clean” funds, effectively obscuring their origins. In exchange for their services, the group charged a commission ranging from 1% to 3% on transaction amounts.
The tentacles of this criminal enterprise extended far beyond Vietnam’s borders, with clients hailing from China, India, the Philippines, Indonesia, and other regions. The 777pay division, helmed by Chinese national Tan Zhi Bao, also known as Gu Lang, focused specifically on laundering money within the Vietnamese market.
The unraveling of this intricate scheme can be traced back to a report filed by a Hanoi woman who had fallen victim to a sophisticated scam. The 39-year-old resident of Cau Giay District, identified only as Linh, was lured into a fraudulent job opportunity as a data entry accountant, only to be systematically deceived into transferring a staggering VND20 billion (approximately US$786,000) to various bank accounts controlled by the 777pay ring.
The victim’s funds were subsequently circulated, split, and forwarded to a network of 12 bank accounts, highlighting the intricate nature of the laundering operation. It was this shocking case that prompted the authorities to delve deeper, ultimately uncovering the broader criminal syndicate and its myriad of illicit activities.
