Billion-dollar gambling ring busted.
Phi Van Huan (39 years old) and 55 others were found to be involved in an online gambling ring disguised as a football game, with a scale of over 1,000 billion VND.
Huấn was the mastermind. He and 55 accomplices have been charged with the crime.GambleandOrganizing gambling,The Cau Giay District Police announced this on February 11th.
According to the investigation, Huan established EGOLD Vietnam Joint Stock Company as a front for operating a gambling ring on a website with a foreign name. Huan's "subordinates" included 16 managers and technicians, 13 first-level agents, and 2 second-level agents.
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Evidence seized in the case. Photo:Van Hoan. |
The team of technicians manages the games, while the team of agents is responsible for converting Vietnamese dong into the virtual currency called GOLD for gamblers to use in placing bets. Agents buying virtual currency must go through Huan, with an exchange rate of 100,000 dong for 122,000 gold and vice versa.
To participate in betting, gamblers must register an account and purchase virtual currency through agents of the website system. For each simulated esports match and Age of Empires (AOE) game, players will place bets during each round, which lasts from 3 to 5 minutes.
There will be multiple betting slots each day. Winners will receive double their virtual gold, but the system will deduct 1 to 1.5%.
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Suspect Phi Van Huan. Photo:Police provided the information. |
According to the police, the system had over 350,000 accounts. The total transaction amount in July-September 2019 alone was over 1.1 trillion gold, equivalent to 960 billion VND. Huan's group illegally profited more than 4.7 billion VND. The amount of virtual currency sold by agents in those two months was nearly 200 billion VND.
