Dismantling a transnational cryptocurrency fraud ring, arresting 56 suspects

The police have just dismantled a large-scale fraud ring specializing in luring victims to invest in cryptocurrency and conducting missions on TikTok. This group operates sophisticatedly in many countries, causing losses of hundreds of billions of VND.

Crackdown campaign across multiple countries

On February 13, Ha Tinh province police coordinated with the Ministry of Public Security, Philippine police, Cambodian forces, and many other units to capture the transnational crime group.

30 suspects were arrested in the capital Phnom Penh (Cambodia), while 26 others were controlled at Tan Son Nhat and Noi Bai international airports when entering Vietnam.

The investigative agency has prosecuted 50 defendants for the crime of 'fraudulent appropriation of property'. This ring operates under the guise of investing in Bitcoin cryptocurrency through the UNISAT app and conducts TikTok missions to seize assets from thousands of victims.




Sophisticated, professional tricks

This organization is operated in a tight model, led by Chinese perpetrators, with the participation of dozens of Vietnamese. The suspects are divided into multiple departments such as management, team leaders, fraud staff, and technical teams.

They use fake Facebook accounts, impersonating successful businessmen, posting images of a luxurious lifestyle to attract victims.

After gaining trust, the perpetrators lure victims to download the UNISAT app, participate in Bitcoin investments with a minimum amount of 8 million VND.

Initially, victims could withdraw both principal and interest to build trust. When investing larger amounts, they use excuses of system errors, taxes, insurance fees, etc., to request additional payments and then appropriate everything.

In addition, this group also organized fraud missions on TikTok, requiring victims to deposit money to participate, promising high commissions but in reality, it was a trick to seize assets.



Systematic fraud scheme

One of the important links in this ring is the department specializing in 'Facebook nurturing', led by Nguyen Van Dong (born 2000, Bac Giang). Dong is responsible for operating hundreds of fake accounts to approach and defraud victims.

Meanwhile, Nguyen The Anh (born 1996, Yen Bai) plays a role in managing the entire fraudulent operation of over 80 Vietnamese working in the Philippines. The Anh directly supervises employees, provides fraud scripts, and ensures illicit profits from this activity.

At the end of 2024, after the Ministry of Public Security of Vietnam provided information to the Philippine police, this fraud organization moved to Phnom Penh (Cambodia) to avoid detection. Ha Tinh police coordinated with many units to plan in detail and launched a surprise operation from multiple directions.

The case is currently under ongoing investigation and expansion to capture related individuals and clarify the scale of this fraud ring's activities.

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