Vietnam imprisons dozens over multi-billion-dollar gambling scheme

• An illegal gambling and crypto ring, valued at $3.8bn, was recently taken down in Vietnam
• Law enforcement uncovered that the culprits lured players via social media and benefited from commission, while leaders of the illicit gambling ring laundered money and purchased expensive cars and property
• A total of 43 individuals received sentences earlier this week

Dozens of people received various sentences in Vietnam over their involvement in a cross-border online gambling and crypto organization with an estimated worth of nearly $4bn.

Police take down massive illegal gambling and crypto operation

As announced by local media outlets, the illegal gambling operation, which used cryptocurrency, resulted in sentences for 43 people.

The illicit online gambling ring operated between early 2020 and late 2021 and its transactions involved a mind-blowing sum of RM16bn or $3.8bn.

During its busiest period, the illegal gambling operation had 20,000 users with some 25 million accounts, according to local media outlets.

Players online had the option to convert their local Vietnamese dong into digital tokens such as Ethereum and USDT.

Subsequently, the users used those tokens with e-wallets for various online gambling activities.

An investigation by local law enforcement determined that some of the players on the illegal gambling ring were recruited via Telegram or social media.

Unsurprisingly, recruiters benefited from commission on every player they added to the illicit gambling platform.

During the investigation into the massive online gambling and crypto case, police in Vietnam identified several people suspected of being leaders of the illicit gambling operation.

Millions of dollars of ill-gained funds were used by the culprits for the purchase of expensive cars, real estate and other activities.

Some of the proceeds were also laundered in Vietnam and abroad.

43 people involved in the criminal case were sentenced

A two-day trial at Ho Chi Minh City resulted in sentences for 43 people involved in the illegal gambling ring.

Four Vietnamese siblings, identified as leaders in the gambling ring and charged with participating in online gambling and organizing the activity, received sentences between eight and 13 years.

Moreover, 39 other individuals involved in the criminal case received suspended sentences or jail sentences between three and more than 10 years.

One Indian man, who is suspected of being the mastermind behind the illicit gambling and crypto case, is currently at large. However, law enforcement is actively trying to detain the person in question and bring him to justice.

Separately, law enforcement has initiated a criminal case that focuses on the money-laundering offenses conducted by the participants of the illegal gambling ring.

In some cases, culprits may receive sentences that can be served concurrently to their existing penalty or receive additional years of jail time.

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