Crypto Scam Network Uncovered in Da Nang
Vietnam police have confirmed the arrest of suspects identified in a cryptocurrency scam network. According to the police, seven individuals were arrested in the Da Nang region. Vietnam police claimed the suspects were arrested for carrying out scams using computer networks.
In its statement on Saturday, the Vietnamese police mentioned that the suspects operated a cryptocurrency scam from their base in Cambodia. The scam allegedly imitated the Nasdaq exchange, and the suspects misappropriated VND14 billion ($532,800). The police mentioned that the suspects also had a strong telecommunications network and electronic means to carry out the illicit activities from the property in the Da Nang region.
Details of the Arrests and Scam Operation
According to the Vietnam police statement, the seven suspects arrested as a result of their investigations include Nguyen Van Chung, Nguyen Duc Loong, Ong Khac Ming, Vu Tri Huy, Cap BA Nam Viet, Nguyen Anh Do, and Ta Van Ba. The police mentioned that all the suspects were residents of the northern province of Bac Ninh. Investigators claimed the scam came to light after several people reported the criminals to their local police station.
The first police report was filed by a 36-year-old woman in Da Nang’s An Khe Ward, who mentioned that she was scammed by the suspects while investing in digital assets on a trading platform that she claimed was called Nasdaq. The Vietnamese police soon saw reports from several others in the region, claiming that the group had sold investments on the trading platform to them as a sure way to make profits and change the lives of their family.
Nasdaq is the world’s second-largest stock exchange, based in the United States. It is known for listing tech giants like Apple, Amazon, Microsoft, Google, and Meta. According to a preliminary investigation, the group started out in early 2024 after Chung went to Cambodia and colluded with a Chinese national named A Long to organise a scam operation based in the Kim Sa 3 area of the Cambodian border city of Bavet. The group recruited Vietnamese, who were assigned roles in an organized manner.
According to reports, the group set up the fake Nasdaq trading website after completing its recruitment and filling all the available administrative positions in the network. The group used Zalo and Telegram groups with dozens of fake accounts to post false trading activities, impersonate investment experts to lure victims into investing their funds, and report false profits. After misusing the funds, the money was routed through several bank accounts and then converted to crypto to conceal its source.
Evidence Seized and Ongoing Investigations
Early findings showed that the group scammed people out of more than VND14 billion, with the Vietnam police claiming that two victims lost more than VND1.1 billion. The police mentioned that they carried out a raid on the location after several reports from locals in the area. They were able to seize a large amount of evidence, which included USB drives containing fraud scripts, mobile phones, tablets, laptops, and more than VND5.2 billion in cash.
The police also added that they uncovered other foreign currencies, dozens of gold-colored metal rings, six land title deeds, and relevant electronic data. While the investigation remains ongoing in the case, the police have warned the public to remain vigilant against online investment offers that look too good to be true. The Vietnamese police claimed that these investments always promise high returns and low risks on social media. In addition, users should refrain from transferring funds to unlicensed websites or applications and report all suspicious signs to authorities.