Thai police arrested Ngo Thi Theu for a $300M crypto scam.
Over 2,600 victims were defrauded through fake trading platforms.
Ngo laundered profits via real estate and mule accounts.
The scam involved 44 call centers across Vietnam and Cambodia.
Investors urged to verify crypto platforms to avoid fraud.
#CryptoScam #BangkokArrest #Interpol #CryptocurrencyFraud #NgoThiTheu
Thai Police Arrest Key Figure in Massive Crypto Fraud
Thai authorities arrested a Vietnamese woman in Bangkok for orchestrating a crypto scam that defrauded over 2,600 victims of $300 million. Ngo Thi Theu, 30, known as “Madam Ngo,” was apprehended at a hotel in the Watthana district on May 24, 2025. She was wanted under an Interpol Red Notice and a Hanoi police warrant for concealing criminal activities.
The scam lured investors with promises of 20-30% monthly returns through fake cryptocurrency and forex trading platforms. Victims were initially allowed to withdraw small amounts to build trust, encouraging larger investments. The operation then cut contact, leaving investors with massive losses.
Scam Details and International Operation
Ngo’s network, led by a Turkish national, included 35 Vietnamese accomplices and over 1,000 staff across 44 fraudulent call centers in Hanoi, Ho Chi Minh City, Da Nang, Hoi An, and Phnom Penh, Cambodia. The group used celebrities and influencers to promote the scheme, creating an illusion of legitimacy through seminars and marketing events.
Investigators found that Ngo laundered her share of the profits through real estate investments in Vietnam. While hiding in Thailand, she received funds via mule accounts in Vietnam, transferred to Vietnamese nationals in Thailand, and withdrawn as cash in amounts of about 1 million baht per transaction to evade detection.
Thai Crime Suppression Division (CSD) police, working with Vietnamese authorities, tracked Ngo to a hotel in the Klong Tan Nuea area. Two Vietnamese men, Ta Dinh Phuoc, 38, and Trong Khuyen Trong, 41, were arrested with her for overstaying their visas. Both claimed to be her bodyguards.
During questioning, Ngo admitted to her role in the fraud but said the Turkish leader received the largest share of the profits. She faces charges of misprision in Vietnam, which carries penalties of up to seven years in prison under Article 174 of the 2015 Criminal Code. Online fraud charges under Article 290 could add up to seven years and fines of up to $40,000.
The scale of the scam highlights the growing threat of cryptocurrency fraud. The Vietnam Blockchain Association reported that over 17 million Vietnamese owned crypto assets in 2024, many lacking knowledge of common scams like “rug pulls” and “pump and dump” schemes. Authorities urge investors to verify platforms before investing.
The arrest marks a significant step in combating transnational crypto crime. Thai and Vietnamese police continue to investigate the network’s operations, seeking to dismantle remaining call centers and recover stolen funds.
