Vietnam Police Dismantle Major Cryptocurrency Scam Network Operating from Cambodia

Source: CryptoNewsNet Original Title: Vietnam police detain suspects over $532k crypto scam Original Link: Vietnamese police have confirmed the arrest of suspects identified in a cryptocurrency scam network. According to the police, seven individuals were arrested in the Da Nang region for carrying out scams using computer networks.

The Vietnamese police stated that the suspects operated a cryptocurrency scam from their base in Cambodia. The scam allegedly imitated the Nasdaq exchange, and the suspects misappropriated VND14 billion ($532,800). The police mentioned that the suspects also had a strong telecommunications network and electronic means to carry out the illicit activities from the property in the Da Nang region.

Suspects and Investigation Details

According to the Vietnam police statement, the suspects arrested include Nguyen Van Chung, Nguyen Duc Loong, Ong Khac Ming, Vu Tri Huy, Cap BA Nam Viet, Nguyen Anh Do, and Ta Van Ba. All suspects were residents of the northern province of Bac Ninh. The scam came to light after several people reported the criminals to their local police station.

The first police report was filed by a 36-year-old woman in Da Nang’s An Khe Ward, who claimed she was scammed while investing in digital assets on a trading platform that she believed was Nasdaq. The Vietnamese police soon received reports from several others in the region, claiming the group had sold investments on the trading platform to them as a sure way to make profits.

According to a preliminary investigation, the group started in early 2024 after Chung traveled to Cambodia and colluded with a Chinese national to organize the scam operation based in the Kim Sa 3 area of the Cambodian border city of Bavet. The group recruited Vietnamese participants who were assigned specific roles in an organized manner.

The group set up a fake Nasdaq trading website and used messaging platforms with dozens of fake accounts to post false trading activities. They impersonated investment experts to lure victims into investing their funds and reported false profits. After misusing the funds, the money was routed through several bank accounts and then converted to cryptocurrency to conceal its source.

Seizures and Ongoing Investigation

Early findings showed that the group scammed people out of more than VND14 billion, with two victims losing more than VND1.1 billion. Police conducted a raid and seized a large amount of evidence, including USB drives containing fraud scripts, mobile phones, tablets, laptops, and more than VND5.2 billion in cash. They also uncovered other foreign currencies, dozens of gold-colored metal rings, six land title deeds, and relevant electronic data.

While the investigation remains ongoing, the police have warned the public to remain vigilant against online investment offers that appear too good to be true. The Vietnamese police emphasized that these investments always promise high returns and low risks on social media. Users should refrain from transferring funds to unlicensed websites or applications and report all suspicious signs to authorities.