Billion Dollar Gambling Ring Busted

 

According to the Vietnam News Agency, the Vietnamese police have busted an online gambling operation that has taken in over one billion dollars with hundreds of thousands of accounts. Twenty-three Vietnamese persons and one foreigner were taken into custody for organizing online gambling with it’s servers outside Vietnam. The bust is said to be the largest-ever internet betting operation in the communist country.

Vietnamese law currently states that only government licensed gambling operations are legal. There are stiff fines and severe prison sentences for those found to be in violation of that law. The bust of such a large scale betting operation has triggered massive raids in cities and provinces across the country.

Gamblers who visited the website Fxx88.com, now off line, had to deposit cash into certain banks in exchange for virtual money for betting. Apparently, multiple bank accounts were set up for these cash deposits in order to stay ‘under the radar’.

Contrarily, Vietnam has recently been loosening up it restrictions on gambling, allowing Vietnamese to gamble in local casinos and even allowing some sports betting. However, the lucrative illegal operations have sprung up by the dozens triggering this huge government crackdown. Just last year another gambling ring was taken out by police when they arrested 91 Vietnamese; some of them were high ranking government officials.