Vietnamese authorities have arrested five individuals and dismantled a money-laundering ring that funneled $1.2 billion in illicit funds into the country from overseas, police announced Wednesday.

Operating between 2022 and 2024, the group—including bank employees—allegedly forged identification documents and bank seals to establish 187 shell companies. They opened over 600 corporate bank accounts, which were used to transfer and launder money acquired through fraud and illegal gambling abroad.

According to the police, transactions through these accounts totaled approximately $1.2 billion (30 trillion dong). The arrests, including that of a bank employee, took place in Danang, marking the largest money-laundering case ever uncovered in the central coastal city.

Authorities seized 122 counterfeit seals and original copies of 40 business registration certificates during the operation.

The case follows the October sentencing of Vietnamese property tycoon Truong My Lan, who was jailed for life on separate money-laundering charges. Lan, who is appealing the verdict, had also been sentenced to death in a different case involving $27 billion in fraud.