Summary
- In Vietnam, authorities recently dismantled a staggering $3.8 billion illegal gambling and cryptocurrency operation.
- Law enforcement uncovered a troubling scheme where the masterminds baited players through social media. These individuals lined their pockets with commissions, while the leaders behind this illegal gambling ring were busy laundering money and splurging on luxurious cars and upscale properties.
- Earlier this week, the court handed down sentences to 43 people, marking a significant moment in their lives.
In Vietnam, numerous individuals have been sentenced for their roles in a sprawling online gambling and cryptocurrency operation, estimated to be worth a staggering $4 billion.
Police take down massive illegal gambling and crypto operation
Local media reports have revealed a significant crackdown on an illegal gambling network, which utilized cryptocurrency, leading to the sentencing of 43 individuals. This shadowy online gambling ring was active from early 2020 to late 2021, amassing a staggering RM16 billion, equivalent to $3.8 billion, in transactions. At its peak, the operation catered to 20,000 users and managed around 25 million accounts, as per the local media. Participants were able to transform their Vietnamese dong into digital tokens like Ethereum and USDT. These tokens were then funneled through e-wallets, facilitating a myriad of online gambling ventures. The investigation unveiled that recruitment for this illegal network often took place on platforms such as Telegram and social media. Recruiters were incentivized with commissions for each new user they lured into the scheme. As the investigation unraveled the layers of this colossal crypto gambling case, Vietnamese police pinpointed several individuals as potential ring leaders. The ill-gotten gains, amounting to millions, were splurged on luxury cars, opulent real estate, and other lavish expenditures. Moreover, some of these funds were skillfully laundered both within Vietnam and internationally.
43 people involved in the criminal case were sentenced
In Ho Chi Minh City, a two-day trial ended with 43 individuals facing justice for their roles in an illegal gambling ring. At the heart of this operation were four Vietnamese siblings, who led the charge in organizing and facilitating online gambling activities. They now face prison terms ranging from eight to 13 years for their actions. Additionally, 39 others connected to this nefarious network have been given suspended sentences or jail time varying from three to over 10 years. Meanwhile, an Indian national, alleged to be the mastermind behind both the gambling and a related crypto scheme, remains on the run. Authorities are working tirelessly to capture this individual and hold him accountable for his crimes. As part of a broader crackdown, law enforcement has also launched a separate investigation targeting the money-laundering operations entwined with this gambling enterprise. Sentences for those involved might run concurrently with their current penalties, or they might face even longer jail times.
