On August 4, the Bao Loc City Police announced that they had initiated legal proceedings and arrested 14 individuals for alleged involvement in fraud and appropriation of property.
Among those apprehended, five key members, namely Pham Minh Thanh (born 1998, residing in Ward 1, Bao Loc City), Tran Hoai Tien (born 1992, residing in Cu Chi district, Ho Chi Minh City), Nguyen Hoai Tam (born 2000, residing in Loc Ngai commune, Bao Lam district), Nguyen Huu Nghia (born 1990, residing in Loc Son ward, Bao Loc City), and To Hoang Bao Thuy (born 2000, residing in Loc Nga ward, Bao Loc City), were charged with “Organizing fraud and appropriation of property.”
The arrested suspects in the fraud ring.
According to the Bao Loc City Police leadership, in late June 2024, they discovered several social media accounts advertising the sale of counterfeit money in various denominations. Initial investigations revealed that the suspects had formed a large-scale ring, divided into multiple groups, and employed sophisticated tactics.
On July 24, the task force split into four teams and simultaneously raided rented houses on Phan Dinh Giot, Tran Quoc Toan, Tran Phu streets, and Tan Hoa 1 village in Loc Nga commune, Bao Loc City.
During the searches, the police apprehended several individuals, seizing one car, one motorcycle, 15 desktop computers, 10 ATM and visa cards, 19 mobile phones, eight SIM cards, numerous bags containing 200,000 VND in hell money, and boxes filled with odor-removing pellets, packaged cement, and hell money.
The suspects confessed to creating fake Facebook accounts to advertise and sell counterfeit money to defraud victims.
The advertised rates for the counterfeit money were as follows: 200,000 VND in genuine money for 5 million VND in counterfeit; 250,000 VND for 10 million VND; 300,000 VND for 15 million VND; 400,000 VND for 16 million VND; and 450,000 VND for 22 million VND.
However, instead of delivering counterfeit money as promised, the fraud ring sent packages containing items such as odor-removing powder, cement, and hell money to their victims.
Over a period of six months, this ring successfully delivered over 23,000 orders nationwide, appropriating more than 6 billion VND. Their success rate for delivered orders was approximately 30%.
The Bao Loc City Police are coordinating with the Lam Dong Provincial Police’s Department of Cybersecurity and High-Tech Crime Prevention to further investigate and clarify the case.
Official Implementation of New Regulations on Counterfeit Money Prevention
Effective from 2nd February 2024, Decree No. 87/2023/NĐ-CP on anti-counterfeiting and protection of Vietnamese currency shall come into force.
Unveiling the Counterfeit Cash Con: A Tale of a Youth’s Ill-Fated Venture
On a mission to spend counterfeit money, Hoang Van Quang found his plans thwarted as he was caught red-handed by the vigilant police force of Nam Dinh province, in Quang Ninh.
