On September 25th, the Investigation Police Agency of Da Nang City Police is investigating a criminal case titled “Using computer networks, telecommunication networks, and electronic means to commit asset appropriation.” The case has been ongoing since 2024 across Da Nang and other provinces in Vietnam.
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 (headquartered on Tran Hung Dao Street, An Hai Ward, Da Nang). They also established regional 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 actual products or services but instead used the BTC Short short film platform.
Serving legal documents to Tran Hung Cuong.
Investors purchased “Movie Ticket” and “Copyright” packages. The scheme promised high returns (11%-17% monthly) and commissions of 5%-20% for recruiting new investors.
Investigations revealed 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, following Liu Xiaofeng’s instructions, they shut down the company’s website and payment gateway. This allowed them to embezzle all investor funds, transferring them to Liu Xiaofeng’s bank account.
As of September 10, 2025, 11,088 accounts were registered on BTC Short, with total investments nearing 18 billion VND…
On September 11, 2025, the National Competition Commission (Ministry of Industry and Trade) confirmed that VUE CINEMA INT’L had not been granted a multi-level marketing license and had not registered for such activities in any locality.
Da Nang Police have charged Tran Hung Cuong and Nguyen Dang Dong with “Using computer networks, telecommunication networks, and electronic means to commit asset appropriation.” Both are in custody pending further investigation.
The case remains under investigation.
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