Police in Phu Tho Province, working closely with the Vietnamese Ministry of Public Security and Japanese law enforcement, recently smashed a major transnational laundering and illicit fund transfer syndicate. Seven suspects, including Vu Tung Linh, were arrested. Operating since early 2025, the group posed as bank officials targeting Japanese businesses, at one point siphoning roughly 707 million yen (around 4.5 million USD) from 15 Japanese victims within a single day.
Extracting the funds was only the first step; the core operation lay in crypto washing. The Vietnamese crew rapidly funneled the stolen proceeds into cryptocurrencies like USDT and Ethereum (ETH) to obscure transaction trails, running total laundered sums into trillions of Vietnamese dong. During raids, authorities seized vehicles, gold, and bank passbooks worth approximately 6 billion VND.
Many in the gray market once believed targeting overseas companies and washing through decentralized assets offered an impenetrable shield, but international police coordination is closing that gap fast. Even with chain-hopping, physical assets and domestic cash-out points inevitably leave footprints. With investigations ongoing, downstream nodes in the chain are likely to fall next.
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