On August 16, the Phu Tho Provincial Police announced that they had successfully busted an illegal multi-level marketing ring disguised as a digital currency investment scheme, recovering over VND 30 billion (over 50% of the scammed amount). The masterminds and key members of the group have been arrested.
Authorities conducting a raid during the suspects’ seminar. Photo: Police source
Prior to the bust, the Phu Tho Provincial Police’s Division of Cyber Security and High-Tech Crime Prevention detected a group of individuals in Hanoi and Ho Chi Minh City illegally soliciting investments through the website https://tcis.ai and a digital currency named TCIS. They employed a multi-level marketing model and cunning schemes to defraud participants, paying earlier investors with money obtained from new ones.
Given the serious nature and sophistication of their operations, the Phu Tho Provincial Police launched a special investigation.
On August 9, 2025, the group organized a seminar with approximately 200 attendees at the Ao Vua tourist area in Suoi Hai ward, Hanoi, to promote and attract investments in the TCIS digital currency. The police raided the event, apprehending the ringleaders and key members while also educating attendees about the scam.
Initial investigations identified Nguyen Chanh Dang (born in 1986, residing in Vinh Hoi ward, Ho Chi Minh City) as the mastermind. Dang hired individuals to design the website and develop the TCIS currency to illegally raise funds from investors under the guise of digital currency investment.
The Phu Tho Provincial Police are continuing their investigations and will strictly handle the involved individuals. They also urge anyone who has fallen victim to this illegal multi-level marketing scheme to come forward and cooperate with the authorities.
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