Laotian Cai police, in their proactive efforts since June 2025, uncovered a group organizing conferences in the locality to entice people to invest in a non-existent cryptocurrency.
The group of offenders. Photo: Laotian Cai Police
The group exhibited signs of “Violating regulations on multi-level marketing” and “Using computer networks, telecommunication networks, and electronic devices to appropriate assets.”
Recognizing this as a large-scale, nationwide scam, the Director of Laotian Cai Police instructed the establishment of a specialized case, focusing resources on combating this crime.
On August 24, 2025, Laotian Cai Police, in collaboration with the Bureau of Cybersecurity and High-Tech Crime Prevention and the Bureau of Criminal Investigation (Ministry of Public Security), deployed six task forces comprising nearly 100 officers and soldiers to simultaneously raid multiple locations in Laotian Cai, Hanoi, Ho Chi Minh City, and Gia Lai.
The operation resulted in the arrest of 25 individuals, including the ringleader, and the freezing of accounts and assets worth over VND 400 billion.
Initial investigations revealed illegal transactions amounting to tens of thousands of billions of dong.
During the interrogation, the offenders confessed to creating an app and website to promote the fictitious cryptocurrency, luring people to invest real money.
They then instructed victims to recruit more participants, promising multi-level marketing commissions. However, the entire principal amount invested by participants was appropriated, and they were unable to withdraw their funds.
The Laotian Cai Police Investigative Agency is expanding the investigation to clarify the actions of the offenders according to legal regulations.
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