US$400,000 illegal exchange busted

An illegal exchange of US$400,000 was busted by police as it was happening at the Ha Noi branch of the Viet Nam Export Import Commercial Joint-stock Bank on Wednesday.

The foreign currency was exchanged into nearly VND8.5 billion by four people who did not have an exchange licence immediately after it was withdrawn from a bank account.

The money was confiscated but no one has been detained, according to the police.

An investigation is ongoing.

Deputy Director of the General Department of Crime Prevention Police Nguyen Tien Luc said the case was a prime example of the expected fight against illegal foreign currency exchange.

In Viet Nam, there is no limit to the amount of foreign currency that can be exchanged as long as the purchase is licensed.

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