Vietnam has scored a major victory against illegal gambling as authorities cracked down on a major illegal sports betting ring shortly after the busting of a huge money laundering operation. Both generated millions of dollars in profit and had a substantial presence in the region.
The Betting Operation Generated Millions of Dollars in Revenue
According to reports, authorities in Dong Nai cracked down on an illegal sports betting operation that has been active since 2023. Authorities understood that the operation generated some VND 1.2 trillion (roughly $47.8 million) in revenue.
During the raid, the police arrested over a dozen people, including the notorious mobster Tran Trung Hieu who is believed to be the mastermind of the operation. In addition to that, the authorities seized some VND 1.1 billion ($44K) in cash.
Law enforcers understood that the group had operated an international betting operation focused on soccer. The network was very well organized and leveraged cutting-edge technology to keep its operation concealed from the authorities.
Vietnam Continues to Crack Down on Illegal Gambling
While Vietnam has been working hard to prevent gambling crime and illegal gambling, the country has nevertheless remained plagued by illicit operations. A few days prior to the arrest of Tran Trung Hieu, the Da Nang police busted another illegal operation, which leveraged hundreds of fraudulent businesses and bank accounts to launder significant sums of money.
The suspects used fake IDs, doctored documents and connections to banking insiders to launder offshore gambling proceeds. Authorities believe that the operation has laundered some VND 30 trillion (approximately $1.2 trillion) since 2022.
In October, Vietnam dismantled a separate gambling operation, this time located in Ben Tre province. Authorities seized $72.1 million in cash, gambling machines, expensive jewelry and even firearms. In addition to that, the police arrested a dozen suspects.
An Indebted Vietnamese Gambler Was Murdered by Loan Sharks
Vietnam’s restrictive gambling laws have allowed the black market to flourish, giving rise to a variety of schemes, some small, some big. A smaller operation recently led to the death of an indebted gambler who was murdered and tossed into a river.
The victim in question had dealt with loan sharks targeting Vietnamese players gambling in Cambodia. The group charged high interest rates and demanded quick repayments, threatening debtors if they couldn’t pay back.
The victim had unfortunately lost all of his money to gambling and then proceeded to lose the money he took from the group too. He was eventually kidnapped, stabbed and tossed into a river. Luckily, authorities eventually managed to identify and arrest some of the criminals.