Police looking for victims of the 'Million Smiles' ecosystem

On the afternoon of March 7, Hanoi City Police issued a notice to find victims in a fraud case atMillion Smiles Joint Stock Company.This move was made after the Investigation Security Agency - Hanoi City Police prosecuted Ho Quoc Than (33 years old, permanent residence in Tra Lan town, Con Cuong district, General Director and legal representative of Trieu Nu Cuoi Joint Stock Company), to investigate the crimes of fraud, appropriation of property and possession of counterfeit money.

During the investigation, the security investigation agency said that Than had provided false information about receiving "the heritage money of 48 countries and Uncle Ho's Gold Treasury"... to issue QFS TNCVN coins. Than then sold them to people for 3.4 million VND to 6 million VND/QFS, and to businesses for 39 million VND - 52 million VND/QFS with the promise to pay individuals who own QFS TNCVN 100 million VND/QFS TNCVN or support businesses with 3 billion VND to 5 billion VND/QFS TNCVN to appropriate a total amount of nearly 30 billion VND, using it for different purposes.

To serve the investigation, the investigation agency requests individuals and businesses owning QFS TNCVN coins to come to the investigation agency to report before March 31, 2025.

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

Previously, the police agency initiated a case and prosecuted Ho Quoc Than to investigate the crimes of fraud, appropriation of property, and possession 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.

Not only did Than swindle with QFS coins, he also opened a chain of Triệu nu cuoi stores and put 36 stores into operation in many provinces and cities across the country. These stores sell consumer products such as food and groceries.

In which, in Nghe An there is2 stores inTra Lan town (Con Cuong district) and 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 1 year of receiving the card, customers can come to "buy preferential and free goods with an amount of 500,000 VND per week, only allowed to buy goods on Saturdays and Sundays".
Than has no geographical restrictions on card usage and the cards are 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 flocked 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 stated that he had issued a total of 5,000 QFS TNCVN coins and that about 4,000 coins were owned by individuals or businesses. Than did not have any assets to guarantee the QFS coins he issued but always claimed 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 had given 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.