Hưng Yên police’s Criminal Investigation Division has successfully cracked a high-tech scam case involving the use of digital currency investments. The authorities have prosecuted and detained nine individuals from Hung Yen, Bac Ninh, Hanoi, and Hai Phong for fraud.
Initial investigations reveal that the group created a fake digital currency exchange platform called “Toptrade1” to lure investors. The mastermind behind this scheme was Nguyen Duy Thoai (born 1995, residing in Phu Lien, Hai Phong). In August 2024, Thoai hired anonymous programmers on Telegram to develop software simulating USDT investments, a digital currency with a 1:1 exchange rate to the US dollar.
The group then created digital wallets on the Binance.com platform to facilitate transactions between investors and the scammers. Thoai recruited eight accomplices to join him, with the aim of sharing responsibility during the fraudulent operations.
The scammers aggressively promoted their scheme on social media platforms like Telegram, Facebook, and TikTok, using live streams and spreading misinformation about “huge profits.” They also shared fake images and videos of investment profits. Additionally, they often flaunted luxurious items like diamond rings, expensive watches, and keys to luxury cars (which were either rented or models) to create a sense of trust and FOMO (fear of missing out) among potential victims.
Thousands fell victim as the fake platform displayed inflated profits. When victims deposited money, the fraudulent platform would display a profit balance several times the original investment, creating the illusion of successful investments. However, these profits were fictitious and couldn’t be withdrawn. Once investors became financially incapable or suspicious, the group would cut off all communication.
In a short period, thousands of investors traded on the “Toptrade1” platform, with a total digital currency turnover of 100 million USDT, equivalent to over VND 2,600 billion.
Seized evidence
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The Criminal Investigation Authority conducted urgent searches and arrested the suspects, seizing various pieces of evidence, including: two cars, 22 smartphones, eight high-end computer setups, 116 SIM cards, over VND 200 million in cash, over 2,000 pages of fraudulent documents related to the Toptrade1 platform, as well as rented luxury jewelry and car keys used to deceive victims. Additionally, 22 bank accounts belonging to the suspects have been frozen for investigation.
The case is currently being expanded, and the Hung Yen Police are pursuing the remaining individuals involved in this scam ring.
– 05:43 04/08/2025
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