Police in Lao Cai Province announced on June 22 that they had launched criminal proceedings and detained three suspects for investigation on money laundering charges.
The suspects were identified as Vuong Van Minh, 51, from Bat Xat Commune; Ly Trung Nguyen, 21, from Trinh Tuong Commune; and Ban Thi Luu, 21, from Gia Hoi Commune, all residents of Lao Cai Province.
According to investigators, Ban Thi Luu became acquainted with a local man while staying in China in early April 2026.
The man allegedly hired her to recruit Vietnamese citizens willing to lease their bank accounts for the purpose of legitimising money obtained by online fraud rings.
Authorities said the criminal groups operated scams through Facebook livestreams promoting lottery-style games and scratch-card prize schemes, advertising rewards worth billions of Vietnamese dong.
After persuading victims to purchase prepaid cards and informing them that they had won prizes, the scammers demanded deposit payments before releasing the rewards.
The fraudsters then repeatedly invented additional fees and requirements to force victims to transfer more money.
Once victims could no longer make payments, the suspects allegedly kept the funds and cut off all communication.
Investigators said the proceeds of the scams were transferred through multiple bank accounts in Vietnam before being used to purchase the cryptocurrency USDT in an effort to conceal their illegal origin.
Under the arrangement, individuals who leased their bank accounts were paid USD 120 per day, while intermediaries received an additional USD 20 per day for each successful recruitment.
In mid-April 2026, Luu allegedly persuaded Ly Trung Nguyen to join the operation.
Police said Nguyen agreed despite knowing that the activity involved laundering money for Chinese criminal groups.
On April 21, Nguyen reportedly recruited Vuong Van Minh, who was promised VND 2 million (approximately USD 76) per day.
Investigators determined that between April 28 and May 31, Nguyen and Minh helped process nearly VND 47.8 billion (approximately USD 1.83 million) on behalf of the Chinese suspects.
The funds were subsequently converted into USDT and transferred to digital wallets designated by the alleged ringleader.
Authorities said the group helped launder nearly VND 47.8 billion in just over one month and earned more than VND 125 million (approximately USD 4,800) in illegal profits.
The investigation is continuing.
