crime

Vietnamese man arrested for operating underground bank

12 Comments

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Quite the entrepreneur if you ask me. He’s doing his fellow countrymen a favor by helping them avoid Japan’s taxes and remittance fees. I used to post cash back home as gifts when the exchange rate was better and when I had disposable income. There’s much disposable income for anybody anymore. Thank you Abenomics.

5 ( +6 / -1 )

Prison time then DEPORT him...

-9 ( +0 / -9 )

which part of that is illegal remitting money to help people or charging them for it

6 ( +6 / -0 )

Hardly an illegal ' bank ' if all he did was use his own account to transmit money. With Japan,s major banks atrocious service its no wonder.

8 ( +9 / -1 )

This is where Crypto Currencies will squash the Bank System, mainly XRP and the ripple net! Its only a matter of time, before crypto is mainstream!. Yes its volatile for the moment, but everything new introduced to the world always has its hiccups. As Governments print themselves further into debt, more will flock to crypto.

2 ( +3 / -1 )

If it was being sent illegally then the Japanese bank needs to be indicted? As they are the ones who performed the transfer? All he did was bring it in and had it sent? Now if he was charging a fee then of course  he was violating some statute I'm sure, but he could not have sent it illegally because that's the banks job.

0 ( +0 / -0 )

If it was being sent illegally then the Japanese bank needs to be indicted? As they are the ones who performed the transfer? All he did was bring it in and had it sent? Now if he was charging a fee then of course he was violating some statute I'm sure, but he could not have sent it illegally because that's the banks job.

Sheesh, I guess I need to spell it out for all the scholars on JT.

He got money from people, put it in his account, sent to his account in Vietnam where it was then withdrawn by other people.

You can't do that without breaking a litany of laws. Mostly money laundering, failure to indicate income, operating a business without a license etc. Not to mention breach of contract with the bank he was using. That's a lot of money that should be going to Japanese banks, that isnt because the transfer is only being done by one account.

0 ( +0 / -0 )

And Abe wants many Vietnamese to come this year

-5 ( +1 / -6 )

If he was paying the going rate at his bank to transfer funds, he wasn't making any money on the transfers - maybe on the exchange rate, but not on the transfer. Technically, I suppose he would have had to declare the money as income, though many countries have "pass through" arrangements where transfers of this nature aren't taxed. As for running a "bank", it was really more like Western Union - but, as we've seen so often, in Japan there's always a statute that can be applied, or bent, to arrest people of an entepreneurial bent.

1 ( +1 / -0 )

Hey Japan, maybe drop your scam fees and garbage service at all your nation's banks and people like this would never exist.

0 ( +1 / -1 )

Messing with Banks is playing with fire, he gonna get one long sentence which unlike if your a native in a senior position will not be suspended.

0 ( +0 / -0 )

If he had access to that many customers and money thru the years, he should have created a remittance corp.

1 ( +1 / -0 )

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