The Khanh Hoa Provincial Police’s Security Investigation Agency has issued a decision to prosecute a case, charge five suspects, and execute temporary arrest warrants. The suspects include Ngo Quang Son (born in 1982, residing in Tich Luong Ward, Thai Nguyen Province), identified as the mastermind and leader of the ring, responsible for planning, designing the fraudulent system, and assigning roles to other members; Ngo Thanh Long (born in 1982, residing in Vinh Tru Commune, Ninh Binh Province), who directly transferred the embezzled funds to an intermediary wallet; Nguyen Thi Minh (born in 1962, residing in Tam Thang Ward, Ho Chi Minh City); Nguyen Van Ngoc (born in 1989, residing in Tuye Tinh Commune, Hai Phong City); and Ngo Son Tung (born in 1983, residing in Bat Bat Commune, Hanoi City).
All five suspects are under investigation for “Fraud to Appropriate Property” as stipulated in Article 174 of the Penal Code. Seized evidence includes numerous electronic devices, bank accounts, and advertising materials.
The case was uncovered following complaints filed by victims in Khanh Hoa, after several investors discovered their investment accounts had vanished without the ability to withdraw funds. The Cyber Security and High-Tech Crime Prevention Department of Khanh Hoa Provincial Police promptly intervened, collaborating with national functional units to trace blockchain transaction footprints. By analyzing digital wallet data, transaction histories, and social media accounts used for promotion, the high-tech crime unit identified the network of suspects.
The Fraudulent Scheme
According to the investigation, since October 2024, the group has developed and operated a fake cryptocurrency investment system named “3COMMAS,” mimicking reputable global digital currency exchanges like the legitimate 3Commas. They invested significantly in a user-friendly interface, creating a professional online platform featuring price fluctuation charts, simulated transaction histories, and automated features. The primary goal was to instill a sense of security and trust among investors, particularly those new to the cryptocurrency space.
To attract victims, the group spread false information about an “intelligent Bot Trade”—an automated trading tool advertised to generate stable profits of up to 0.7% daily. These attractive returns were tailored to investment packages, starting from a minimum of 2,000 USDT (over 50 million VND) to 30,000 USDT (over 750 million VND). Beyond direct profits, the system employed a multi-level marketing model to encourage expansion: Investors earned commissions from referring new members (direct commissions) and from profits generated by those referrals (indirect commissions).
The fake “3COMMAS” system was not connected to any real trading platform, nor did it possess a “Bot Trade” or automated profit mechanism. All USDT funds deposited by investors into the master wallet were immediately redirected. One of the key suspects, Ngo Thanh Long (born in 1982, residing in Vinh Tru Commune, Ninh Binh Province), was directly involved in manipulating and transferring funds to intermediary wallets controlled by the group.
From there, the funds were swiftly distributed among members, disappearing from the initial traceable path. In Khanh Hoa Province alone, the Cyber Security and High-Tech Crime Prevention Department verified that the group embezzled over 300 million VND from four victims. The actual nationwide figure is estimated to reach hundreds of billions of VND, with dozens of victims spanning from the North to the South.
The case is being expanded to identify additional victims and trace the flow of funds. According to the leader of the Cyber Security and High-Tech Crime Prevention Department of Khanh Hoa Provincial Police, to avoid falling into similar traps, individuals should remain vigilant, verify platforms, and cross-check information on official websites, avoiding suspicious links.
