Vietnamese police bust $1bn online gambling racket
Vietnamese police have arrested 22 people suspected of involvement in the country’s largest illegal gambling operation.
Authorities conducted raids in several provinces last week after uncovering accounts that are said to have processed around US $1.28 billion in bets.
According to local media sources, gamblers would visit Fxx88.com and make cash deposits in exchange for virtual betting credits.
The incoming funds were then divided into small balances and scattered across thousands of different bank accounts.
Most of the activity is believed to have centred on football wagering.
Sports betting and online gambling are illegal in Vietnam, yet there is a thriving black market that draws hundreds of millions in wagers every year.
Corruption is rampant and recent raids have led to hundreds of arrests for illegal betting, including several high-ranking members of the police force.
Earlier this month, a former detective at the Ministry of Information and Communication was detained in connection with a $420m gambling ring that was broken up last year.
The scale of illegal gambling activity has led to a number of experiments with more liberal legislation, including a trial lifting of the long-standing ban on local punters at Vietnamese casinos.
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