**Hanoi Police Arrest Ho Quoc Than, CEO of “Trieu Nu Cuoi” Company, for Fraud and Counterfeit Money Possession**
On March 6, the Hanoi Police announced that the Agency for Security Investigation has initiated legal proceedings against Ho Quoc Than, the CEO of Trieu Nu Cuoi Joint Stock Company, for “Fraudulent Appropriation of Property” and “Counterfeit Money Possession.”
 Image: Hanoi Police interrogating Ho Quoc Than |
During the investigation, the Hanoi Police discovered that in 2023, Ho Quoc Than (born in 1992, from Con Cuong district, Nghe An province) founded and became the CEO of Trieu Nu Cuoi Joint Stock Company. In April 2024, Than started promoting the issuance of the QFS quantum currency and raising investment funds for this activity through Zoom. The condition for individuals and enterprises to join this ecosystem was to “contribute” money to own QFS, with prices ranging from 4-5 million VND per QFS for individuals and 39 million VND per QFS for enterprises.
According to the Hanoi Police, QFS is a personal currency invented and issued by Than, which was never listed on any platform related to cryptocurrencies.
To attract investors, Than provided false information, such as claiming that QFS was backed by the heritage of families accumulated over hundreds of years, assets in 48 countries, and would be activated in October or November 2024. He also falsely stated that he possessed a vast personal wealth, including heritage, gold reserves, and that enterprises investing in QFS would receive interest-free capital support for restructuring and development without any collateral.
Than promised that owning QFS would result in significant returns, with each QFS initially worth 4-5 million VND, increasing to 10 million and then 100 million VND. He assured that if, for any reason, individuals or enterprises decided to withdraw from the scheme, their money would be refunded with interest. To manage QFS purchases and create trust among customers, Than hired a software developer to create the QFS app, which displayed account numbers, QFS quantities, rewards, and penalties.
To further enhance his credibility and establish a reputation as a benevolent conglomerate, Than set up 27 grocery stores in Hanoi, Hung Yen, Hai Phong, Bac Ninh, Hai Duong, and Nghe An, among other provinces. He also introduced the “An Sinh” card, issued by Trieu Nu Cuoi Company, which customers could purchase for 2.6 million VND. This card offered shopping benefits and allowed customers to buy 500,000 VND worth of goods for free every week (on Saturdays and Sundays) for a year, without any geographical restrictions. The card became valid 30 days after purchase, and the company has issued over 1,000 of these cards so far.
To sell more cards, Than organized numerous livestreams on social media platforms like Facebook and YouTube, as well as online meetings on Zoom, with participants from various provinces and cities. He often used Buddhist terminology and emphasized the concept of charity and compassion to spread information about the company’s activities.
By promoting QFS with a mix of financial and spiritual incentives, Than is estimated to have generated approximately 30 billion VND in revenue from the sale of QFS.
Nguyen Huong
– 9:16 PM, March 6, 2025
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