Police are searching for victims of the 'Million Smiles' ecosystem.

On the afternoon of March 7th, the Hanoi City Police issued a notice seeking victims in a fraud case.Trieu Nu Cuoi Joint Stock Company.This move comes after the Security Investigation Agency - Hanoi City Police Department initiated legal proceedings against Ho Quoc Than (33 years old, residing in Tra Lan town, Con Cuong district, General Director and legal representative of Trieu Nu Cuoi Joint Stock Company) to investigate charges of fraud and possession of counterfeit money.

During the investigation, the security investigation agency stated that Than had provided false information about receiving "heritage funds from 48 countries and Ho Chi Minh's gold hoard"... to issue QFS TNCVN tokens. Than then sold them to individuals at prices ranging from 3.4 million to 6 million VND per QFS token, and to businesses at prices ranging from 39 million to 52 million VND per QFS token, promising to pay individuals owning QFS TNCVN tokens 100 million VND per QFS or provide capital support to businesses ranging from 3 billion to 5 billion VND per QFS TNCVN token, thereby misappropriating a total of approximately 30 billion VND, which he used for various purposes.

To assist with the investigation, the investigating agency requests that individuals and businesses holding QFS TNCVN tokens report to the investigating agency before March 31, 2025.

Contact information: Security Investigation Agency of the Hanoi City Police, address: 89 Tran Hung Dao Street, Tran Hung Dao Ward, Hoan Kiem District, Hanoi City (Investigator: Nguyen Van Cuong, Phone number: 0692194085).

Previously, the police had initiated a criminal case and charged Ho Quoc Than with fraud and possession of 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, approximately 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.

Besides defrauding people using QFS tokens, Than also opened a chain of "Trieu Nu Cuoi" (Smiling Million) convenience stores, operating 36 branches in many provinces and cities nationwide. These stores sold consumer products such as food and groceries.

In Nghe An province, there are2 stores locatedThe towns of Trà Lân (Con Cuông district) and Tân Kỳ (Tân Kỳ district) were targeted. To create a launching pad for these chain stores, Thân 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 company has no geographical restrictions on card usage, and the cards are valid for 30 days after 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 to no avail.

According to investigators, Than earned most of his money from selling QFS tokens. He then 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. Than did not possess any assets to secure the issued QFS tokens, but consistently stated that "receiving money from these QFS tokens was to test trust and find suitable candidates 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 gift, saying they were for good luck and not to be spent. Than had given one bill to each person in the company with the same intention.