The Investigation Police Agency of the Hưng Yên Provincial Police has announced the initiation of prosecution and the arrest of nine suspects for “fraudulent appropriation of property.”
The authorities identified Nguyễn Duy Thoại (30 years old, residing in Phù Liễn Ward, Hải Phòng City) as the leader of this ring. The remaining suspects are from Hưng Yên, Bắc Ninh, Hanoi, and Hải Phòng…
These individuals employed advanced technology to defraud victims through investments in virtual currency (USDT) on a fake BO platform named “Toptrade1.”
During the on-site inspection, the police seized two cars, 22 smartphones, eight high-configuration computer sets connected to the internet, 116 SIM cards, over VND 200 million in cash, over 2,000 documents related to the fraudulent activities on the “Toptrade1” platform, numerous fake luxury watches, rings, and car keys. Additionally, 22 bank accounts were frozen.
The nine arrested suspects. Photo: Police Authority
According to the suspects’ confessions, in August 2024, Thoại connected with an anonymous group on Telegram and hired them to develop cryptocurrency software (USDT) for a BO trading platform named “Toptrade1.”
Thoại then created electronic wallets on the globally renowned cryptocurrency exchange “binance.com” to facilitate transactions between the suspects and investors. He recruited eight accomplices to join him in this “project.”
The group organized promotional events, established Telegram and Facebook groups, and livestreamed on TikTok to attract investors. They promised “extremely high profits” and used fake images of substantial assets to create a FOMO effect, enticing people to deposit money onto the platform until they could no longer afford to, at which point the group would block contact.
The police revealed that when investors transferred money into their accounts, the platform would display notifications of profits several times the original investment. However, these were merely virtual notifications, and the account holders could not withdraw any cash.
Within a short period, the suspects attracted thousands of participants, with total transactions amounting to 100 million USDT (over VND 2,600 billion).
The Investigation Police Agency of Hưng Yên Provincial Police is continuing its investigation and pursuing related suspects. Anyone who has fallen victim to this scam is requested to contact the Criminal Police Department of Hưng Yên Provincial Police (79A Trưng Trắc, Phố Hiến Ward) or Officer Nguyễn Đức Trung at 0988.849.569 to coordinate and provide relevant information for the investigation.
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