President of 'Million Smiles' ecosystem prosecuted

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

According to the investigation, Than established the Trieu Nu Cuoi Joint Stock Company and held the position of Chairman of the Board of Directors. Since mid-April, Than started an advertising campaign for the QFS TNCVN quantum coin that he issued himself, unrelated to cryptocurrency, to attract "investors". "Investors" who want to participate in the ecosystem of Than's Trieu Nu Cuoi Company will have to pay "support money". Each QFS TNCVN quantum coin is priced by Than from 3.4 to 6 million VND for individuals and 39-52 million VND per QFS for businesses.

Than and his group of people continuously advertise the company. Accordingly, by participating in this "ecosystem", businesses are supported with capital to restructure and develop without having to mortgage or pay interest. If for any reason, individuals or businesses do not want to continue participating with the company, Than will return the money.

Initially, about 100 businesses and nearly 400 individuals bought QFS coins, with a total value of tens of billions of VND. Than has returned money to nearly 130 people and businesses with a total of 10 billion VND. However, this is all taking money from later buyers to pay earlier ones, without any benefits.

Authorities allege that not only did Than defraud using QFS coins, he also opened aMillion Smiles Community Store Chainand put 36 establishments into operation in many provinces and cities across the country. These stores sell consumer products such as food and groceries. In Nghe An, there are 2 stores in Than's hometown, in the old Bong Khe commune, now in Tra Lan town (Con Cuong district) and a store in Tan Ky town, Tan Ky district.

In order to create a launching pad for these chain stores, Than directed the issuance of "social security cards" with a prepayment of 2.6 million VND. Within one year of receiving the card, customers can come to buy preferential and free products with an amount of 500,000 VND per week, only allowed to buy on Saturdays and Sundays.

Than has no geographical restrictions on card usage and the card 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 the investigation agency, the money that Than earned mainly came from selling QFS coins. When he had money, he transferred it to many different accounts to use for many purposes, serving the company's operations, opening a chain of stores, and paying off debts.

At the investigation agency, Than declared that he had issued a total of 5,000 QFS TNCVN coins and that about 4,000 coins were owned by individuals or businesses. He did not have any assets to guarantee the QFS coins he issued, but always said that "receiving money from these QFS coins was to test trust and find suitable people for the company and people's store".

During the search, the authorities discovered 72 counterfeit US dollar bills in the safe in Than's office. He said an acquaintance gave him the bills as souvenirs, saying they were for good luck and not to be spent. Than had given each of his company a bill for the same purpose.