Vietnamese police have arrested five individuals in connection with a sophisticated cryptocurrency scam network led by international bad actors. On October 4, police in Nghe An Province, a region bordering Laos and the Gulf of Tonkin, busted a Laos-based scam ring involving fraudulent wire transfers run by foreign individuals specializing in cryptocurrency investment scams and ‘pig butchering’.
Nghe An police have arrested two Vietnamese suspects after confirming, through an investigation, a direct link to cryptocurrency scams.
According to the police report, one of the scammers traveled to Laos in September 2023 to join the ring. In February, they created Facebook accounts to lure victims with romance and investment scams.
Director of Cryptocurrency Investment Scam Schemes
The scammer, posing as a woman, gained the trust of a man in Ho Chi Minh City. The victim was eventually tricked into investing large sums of money in “Biconomynft”, promising huge returns. Over several months, the scammer had taken more than 17.6 billion Vietnamese Dong (US$700,000) from the victim.
An accomplice was also charged with the same offence. Following a further investigation, police arrested three more people of the same age in connection with the crime ring.
Initially, the scammers gain the trust of the victims by releasing a portion of their invested money as profits. Once the victims invest a significant amount, the scammers lock the accounts and freeze the funds, preventing them from being withdrawn.
Cross Border Cryptocurrency Scams
Recently, South Korean and Vietnamese authorities coordinated to break up another fraud ring in Vietnam responsible for appropriating more than 10 billion won ($7.5 million).
According to a local report, the gang defrauded 230 victims by approaching them through various methods such as wedding invitations, funeral notices, delivery notices and impersonating family members via text messages.
After analyzing 300,000 suspicious transactions, police arrested 86 individuals in South Korea and abroad in connection with cryptocurrency fraud.
