The total fraudulent transaction volume is estimated at USDT100 million, equivalent to more than VND2.6 trillion (approx. US$110 million), said the Hung Yen Provincial Police Department’s Criminal Investigation Division on August 1.

Preliminary investigations revealed that the ring was led by Nguyen Duy Thoai, 30, from Hai Phong province who in August 2024 contacted an anonymous group on Telegram to commission the development of a fake crypto trading platform called “Toptrade1,” using the digital currency USDT. The group also created digital wallets via Binance to act as intermediaries between investors and the fraudsters.

Thoai recruited eight accomplices to contribute capital and help manage the operation, aiming to build trust with victims and streamline the fraudulent process. The group launched numerous marketing campaigns, formed online communities on Telegram, Facebook, and TikTok, and hosted livestreams promoting the platform, luring investors with promises of massive returns.

To build credibility, they frequently flaunted luxury items such as diamond rings, high-end watches, and supercar keys all of which were either counterfeit or props. They also used fake images and videos to simulate successful investments and fabricated chat messages between fake accounts to simulate active user engagement and profit payouts.

In reality, once investors deposited money, their account balances would display large profits, but these were purely virtual figures. Victims were unable to withdraw any actual funds, and once they stopped depositing more money, communication would be cut off.

Within a short time, the group attracted thousands of users, with a total transaction volume reaching USDT100 million.

During the raid, authorities seized two cars, 22 smartphones, eight high-spec desktop computers, 116 SIM cards, over VND200 million in cash, more than 2,000 pages of documents related to the fraud scheme, and multiple fake luxury items. In addition, 22 bank accounts were frozen as part of the ongoing investigation.

The police are continuing to expand the investigation and track down other individuals involved in this high-tech fraud operation.

Two Vietnamese men prosecuted for cross-border fraud

VOV.VN - The Lam Dong Provincial Police announced on July 1 that they have launched a criminal investigation and issued indictments against two Vietnamese residents of Da Lat city for "fraudulent appropriation of property” targeting Vietnamese expatriates in Australia and the United States.