On September 25th, the Investigation Police Agency of Da Nang City Police is investigating a criminal case titled “Using computer networks, telecommunications networks, and electronic means to commit asset appropriation.” The case has been ongoing since 2024 across Da Nang and other provinces nationwide.
This “multi-level marketing alliance” is led by Liu Xiaofeng (alias “Jack,” 42, foreign national), with Tran Hung Cuong and Nguyen Dang Dong (both 41, residing in Truong Vinh Ward, Nghe An Province) and their accomplices directly involved.
Da Nang Police serving legal documents to Nguyen Dang Dong.
In December 2024, due to a pre-existing relationship, Dong contacted Cuong to meet Liu Xiaofeng in Hanoi. They discussed establishing an illegal multi-level marketing operation on the BTC Short platform.
The trio agreed to both personally register and hire others to register VUE CINEMA INT’L Cultural Communication LLC. The company’s headquarters were established on Tran Hung Dao Street, An Hai Ward, Da Nang, with representative offices in Truong Vinh Ward, Nghe An Province, and Khuong Dinh Ward, Hanoi.
Da Nang Police reported that after establishing the company and offices, under Liu Xiaofeng’s direction, Dong and Cuong solicited investments through a multi-level marketing scheme. This scheme did not involve selling actual products or services but instead utilized the BTC Short short film platform.
Serving legal documents to Tran Hung Cuong.
Investors purchased either a “Movie Card” or “Copyright” package. The scheme promised high returns (11%-17% monthly) and additional commissions (5%-20%) for recruiting new investors.
Investigations revealed this was a Ponzi scheme, where funds from new investors were used to pay earlier investors. The perpetrators frequently held in-person and online seminars, deceiving thousands of investors nationwide.
According to Cuong’s statement, on August 21, 2025, upon reaching a substantial investor base, the group, following Liu Xiaofeng’s instructions, shut down the company’s website and payment gateway. They then transferred all investor funds to Liu Xiaofeng’s bank account.
Police data showed that as of September 10, 2025, 11,088 accounts were registered on BTC Short, with total deposits nearing 18 billion VND…
On September 11, 2025, the National Competition Commission (Ministry of Industry and Trade) confirmed that VUE CINEMA INT’L had neither been granted a multi-level marketing license nor registered for such activities in any locality.
Da Nang Police’s Investigation Agency has issued arrest warrants and charged Tran Hung Cuong and Nguyen Dang Dong with “Using computer networks, telecommunications networks, and electronic means to commit asset appropriation.”
The investigation is ongoing.
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