Authorities dismantled a stock market investment fraud ring, seizing over 200 billion VND.

According to information from the Thanh Hoa Provincial Police, the Nhu Xuan District Police have dismantled a drug trafficking ring.fraud and misappropriation of propertyThe case involves numerous victims nationwide and money laundering through securities investments. The total amount seized is estimated at over 200 billion VND.

Through monitoring online activities, the Nhu Xuan District Police discovered that the foreign exchange trading platform "Fnory.com" showed signs of defrauding customers to seize their assets, so they launched an investigation.

Based on the collected evidence, the Nhu Xuan District Police, in coordination with the professional departments of the Provincial Police and the police of relevant districts, towns, and cities, mobilized forces simultaneously and arrested 9 people.

Those arrested include: Le Tien Manh (born 1995), Nguyen Thi Thuong (born 1993), both residing in Ha Dong, Hanoi; Vu Dinh Thanh (born 1996, residing in Thanh Tri district, Hanoi); Pham Hong Quan (born 1996), Vuong Kim Hue (born 1990), both residing in Tam Duong district, Vinh Phuc; Nguyen Van Hung (born 1990), Hoang Van Cong (born 1977), Nguyen Van Dai (born 1980), all residing in Yen Dinh district, Thanh Hoa; and Pham Thi Thuy (born 1987, residing in Quan Hoa district, Thanh Hoa province).

Through the investigation of this case, the Nhu Xuan District Police have so far temporarily halted transactions involving 20 apartments and villas, seized 13 cars, 47 land use right certificates and various transfer transaction contracts, 60 mobile phones, 10 laptops, 1 desktop computer, and many other related items and documents, worth over 200 billion VND.

According to initial investigations, using the tactic of setting up an illegal stock exchange under the name Fnory.com, these individuals built a multi-level marketing network, using social media platforms like Facebook, Zalo, and Telegram to advertise, solicit, and entice customers to invest, providing false information such as claiming it was a legitimate UK exchange with high returns…

When customers join, they are placed into private groups. A system of employees posing as financial experts then advises and gives trading signals to gain the customers' trust, leading them to place buy and sell orders for various stocks, until they lose all the money they deposited.

The money stolen from customers was transferred into fictitious accounts and divided among management levels. Some used this money to buy cars and real estate.

The police in Nhu Xuan district have initiated legal proceedings and temporarily detained the aforementioned nine individuals, including seven charged with "Fraudulent appropriation of property" and two with "Money laundering." The unit is also coordinating with relevant departments and police in other districts to expand the investigation and apprehend other related individuals.