Arrested a group of fraudsters, transacting over 2,600 billion VND

Previously, on July 22 and 29, the Criminal Police Department of Hung Yen Provincial Police successfully dismantled a case using high technology tofraud and appropriation of propertyin the form of virtual currency investment.

The Provincial Police Investigation Agency has arrested, urgently searched and issued a decision to prosecute and arrest 9 suspects with permanent residence in Hung Yen, Bac Ninh, Hanoi and Hai Phong provinces for the crime of "Fraudulent appropriation of property".

The investigation determined that the subjects had committed fraud and appropriated the victims' assets in the form of investing in virtual currency (USDT) (a currency with a 1:1 trading ratio with USD on the market through the BO floor (fake floor) named "Toptrade1" led by Nguyen Duy Thoai (born in 1995, residing in Phu Lien ward, Hai Phong city).

During the arrest and search, the police seized 2 cars, 22 phones, 8 high-end computers with internet connection, 116 phone SIM cards, more than 200 million VND in cash, more than 2,000 pages of documents related to fraud activities and many fake rings, watches, and luxury cars to deceive investors.

At the same time, 22 bank accounts of the subjects were frozen.

Initially, the subjects confessed that in August 2024, Thoai contacted an anonymous group on Telegram to hire him to write software for a cryptocurrency "project" (USDT) on the virtual currency trading BO floor called "Toptrade1".

Then create electronic wallets on the globally famous cryptocurrency exchange “binance.com” to act as an intermediary for money transfers between subjects and investors.

Thoai persuaded the remaining 8 subjects to contribute money to participate in the project (with the purpose of being more responsible in the process of defrauding investors). Every day, Thoai and the subjects regularly organize many promotional events, create groups on Telegram and Facebook platforms and live stream directly on Tiktok to call for investors to participate, set goals, and commit to "super huge profits".

The group of subjects often show off their large assets such as diamond rings, watches, luxury supercars (in reality, they are all fake and replicas) and use many fake images and clips of winning investments and receiving large amounts of interest. When the victims are no longer financially capable, they will block contact.

Notably, when investors deposit money into their accounts, a notification will appear stating that the interest amount is many times the principal amount. However, in reality, these are completely virtual notifications and account holders cannot withdraw cash.

In a short time, the subjects attracted thousands of participants with many registered accounts on the virtual currency exchange. The amount of virtual currency traded on the exchange by the subjects up to the time of arrest was up to 100,000,000 USDT (equivalent to more than 2,600 billion VND).