Chairman of the 'Million Smiles' ecosystem faces prosecution.

The Security Investigation Agency (Hanoi City Police) has just initiated a criminal case and charged Ho Quoc Than (33 years old, from Tra Lan town, Con Cuong district) with the crime of...Fraudulent appropriation of propertyandPossessing counterfeit money.

According to the investigation, Than established Trieu Nu Cuoi Joint Stock Company and held the position of Chairman of the Board of Directors. From mid-April, Than began an advertising campaign for the QFS TNCVN quantum coin, which he issued himself and was unrelated to cryptocurrencies, to attract "investors." "Investors" wishing to participate in Than's Trieu Nu Cuoi Company ecosystem had to pay a "support fee." Than priced each QFS TNCVN quantum coin at 3.4 to 6 million VND for individuals and 39-52 million VND for businesses.

Than and his group continuously promoted the company. According to them, by joining this "ecosystem," businesses would receive capital support for restructuring and development without collateral or interest payments. If, for any reason, individuals or businesses no longer wished to participate with the company, Than would return the money.

Initially, around 100 businesses and nearly 400 individuals purchased QFS tokens, totaling tens of billions of VND. Than has returned money to nearly 130 individuals and businesses, totaling 10 billion VND. However, this was all using money from later buyers to pay earlier buyers, without any additional benefits.

Authorities allege that Than not only committed fraud using QFS tokens, but also opened a network of other accounts.Trieu Nu Cuoi chain of convenience storesand opened 36 stores in various provinces and cities nationwide. These stores sell consumer products such as food and groceries. In Nghe An province, there are two stores: one in Than's hometown, in the former Bong Khe commune, now part of Tra Lan town (Con Cuong district), and another in Tan Ky town, Tan Ky district.

To create a launching pad for these chain stores, Than directed the issuance of "social security cards" with a down payment of 2.6 million VND. For one year from receiving the card, customers could purchase goods at discounted prices, free of charge, up to 500,000 VND per week, but only on Saturdays and Sundays.

Than's social security card has no geographical restrictions on usage and is valid for 30 days from the date of purchase. To date, the company has issued more than 2,000 social security cards. After "Chairman Than" was investigated, many people rushed to the store hoping to get their money back but were unsuccessful.

According to investigators, Than earned most of his money from selling QFS tokens. He transferred the money through various accounts for multiple purposes, including company operations, opening a chain of retail stores, and paying off debts.

During the investigation, Than confessed to issuing a total of 5,000 QFS TNCVN tokens, with approximately 4,000 already owned by individuals or businesses. He claimed to have no assets to secure the issued QFS tokens but always maintained that "receiving money from these QFS tokens was to test trust and find suitable people for the company or local businesses."

During the search, authorities discovered 72 counterfeit US dollar bills in a safe in Than's office. He confessed that a friend had given them to him as a souvenir, telling him to keep them for good luck and not to spend them. Than had given one bill to each person in the company with the same intention.