On May 23, 2025, Thai police, in collaboration with Interpol and Vietnamese authorities, arrested Ngo Thi Theu, aka “Madam Ngo,” at a hotel in Bangkok’s Watthana district. The 30-year-old Vietnamese national is accused of being a key figure in a crypto and forex investment scam that defrauded over 2,600 victims, mostly Vietnamese, of approximately $300 million.
Ngo Thi Theu, who was on Interpol’s Red Notice and wanted by Hanoi police for “failure to denounce or conceal a crime,” was apprehended along with her two Vietnamese bodyguards, Ta Dinh Phuoc, 38, and Trong Khuyen Trong, 41. According to the VTV news report, Thai authorities traced them to a hotel in Bangkok, and the three were charged with overstaying their visas and taken to the Klong Tan police station.
Thai police inspect Madam Ngo’s residence – Source: Khaosod English
“Madam Ngo” is believed to be the mastermind behind a criminal network that scammed Vietnamese citizens into fraudulent investments through forex and cryptocurrency trading platforms. The syndicate lured victims with promises of monthly returns of 20% to 30% and employed a sophisticated scheme involving fake trading platforms.
They organized investment seminars promoting “risk-free and quick-profit” investments and hired social media influencers to add credibility. Recruiters who brought in new investors were rewarded with commissions, resembling a multi-level marketing structure. Initially, small profits were allowed to be withdrawn to build trust. However, victims who invested larger amounts later found themselves unable to contact the perpetrators.
Madam Ngo’s bodyguards arrested (Source: Bangkok Post)
Investigations revealed that the group was led by a Turkish national, who worked with 35 Vietnamese accomplices in a well-organized criminal enterprise with over 1,000 employees and 44 scam offices in Vietnam, including Hanoi, Ho Chi Minh City, Danang, Hoi An, and Phnom Penh, Cambodia. Madam Ngo had fled to Thailand, prompting Vietnamese police to coordinate with Thai authorities to apprehend her.
During the interrogation, Madam Ngo confessed to her involvement in the scam. Regarding the stolen assets, she claimed that the leader was the primary manager, while she only received a portion and laundered it through real estate investments in Vietnam. To fund her expenses in Thailand, she arranged for money to be transferred from accounts in Vietnam held by associates and then withdrew large sums of cash, approximately 1 million baht (around $700,000) at a time, to avoid detection.
Madam Ngo is currently in custody and undergoing further interrogation before extradition proceedings to Vietnam, where she will face legal consequences according to Vietnamese law.
The case of Madam Ngo serves as a stark reminder of the increasingly sophisticated nature of crypto and forex scams, which exploit both technology and human psychology. Investors are advised to be vigilant against unrealistic profit promises, unverified investment seminars, and disclosing personal information to untrusted platforms.
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