On October 14, the Hanoi City Police Department provided updates on a case involving violations at NextTech Group Joint Stock Company, chaired by entrepreneur Nguyen Hoa Binh (aka Shark Binh), and several related companies.
Major General Duong Duc Hai, Deputy Director of Hanoi City Police, chaired the press conference.
During the investigation, the Investigative Police Agency of Hanoi City Police issued decisions to initiate legal proceedings against Shark Binh and nine others for fraud and misappropriation of assets, as well as violations of accounting regulations with severe consequences.
According to the indictment, NextTech Group Joint Stock Company, located at 3rd Floor, 18 Tam Trinh Street, Tuong Mai Ward, Hanoi, is chaired by Nguyen Hoa Binh. Around May 2021, Nguyen Hoa Binh and several associates with expertise in digital currency (a secure data chain built on blockchain technology) agreed to pool funds to develop the “Antex digital currency” project (stored on Binance e-wallets). Their goal was to sell Antex tokens and attract investors to raise capital for the future “VNDT digital currency” project and the “VNDT e-wallet” software.
In reality, the VNDT digital currency project was not yet completed. The defendants collectively invested 5 billion VND in the Antex project, with Binh contributing 2 billion VND.
Entrepreneur Nguyen Hoa Binh. Photo: FBNV
Nguyen Hoa Binh directed the establishment of Vietnam Blockchain Technology Service Joint Stock Company. The initial investment was transferred to the company’s account to sustain the Antex project, covering expenses such as employee salaries, technical team payments, and server purchases for internet services.
From November to December 2021, Nguyen Hoa Binh leveraged his reputation and influence to announce the launch of the “Next100 Blockchain” investment fund on social media. He pledged to invest 50 million USD over 10 years in digital currency projects to promote Antex tokens, aiming to boost investor confidence and prevent a mass sell-off that could devalue the currency.
Despite the project’s delays, Nguyen Hoa Binh and NextTech shareholders agreed to withdraw funds from the Antex project’s main wallet, transferring them to individual e-wallets within the project. They then converted these funds into VND for personal distribution and misappropriated investor funds by transferring them to companies within the NextTech ecosystem for unauthorized use.
To date, it has been determined that Nguyen Hoa Binh and the founding shareholders withdrew funds from approximately 30,000 investor wallets, embezzling a substantial amount of investor capital.
Approximately 900 Billion VND Seized and Frozen
The Investigative Police Agency has seized and frozen assets totaling approximately 900 billion VND, including 597 gold bars, USD, 18 land titles, 2 cars, and various documents, records, and electronic devices. The defendants have repaid 3.45 billion VND to date.
Further investigations by Hanoi City Police revealed that in 2022, Nguyen Hoa Binh directed the establishment of NextLand Real Estate Trading Joint Stock Company. He appointed Doan Van Tuan and Nguyen Ha Thuy as directors and legal representatives, and instructed Nguyen Thi Thanh Huong, Tran Thi Thuy Van, Nguyen Ha Thuy, and Doan Van Tuan to maintain two separate accounting systems to track the company’s financial activities. Binh ordered employees to underreport profits and conceal revenue by undervaluing sales contracts with customers (actual sales and revenue were tracked internally), causing significant losses to the state budget.
Hanoi City Police continue to investigate and clarify violations within NextTech Group’s subsidiary companies.
The Hanoi City Police urge victims of this case to contact the Economic Police Department at 382 Kham Thien Street, Van Mieu Ward, Hanoi. Contact Investigator Bui Duc Hieu at 0983.794.570.
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