Exposing the Scam Tactics of a Crypto Fraud Ring in Vietnam
On November 10, the Hai Phong City Police Department announced that the Cyber Security and High-Tech Crime Prevention Division had uncovered a group involved in illegal multi-level marketing and high-tech fraud. The group lured victims into investing in a fictitious cryptocurrency project called AGOLD, hosted on the website http://agold.tech.
Suspects Nguyen Van Dat and Pham Duc Anh (Photo: Hai Phong Police).
Nguyen Van Dat (born 1979, from Khanh Hoa Province) and Pham Duc Anh (born 1977, from Hanoi) established DIGITAL SPACE Vietnam JSC, with Dat as CEO. The company’s registered office in Hanoi was merely a front, with no actual business operations.
Beginning in April 2023, the group fabricated claims that AGOLD was a global cryptocurrency mining project using DHT technology and blockchain. They promised that DHT tokens would be listed on international exchanges, allowing investors to convert them into Vietnamese Dong.
Investment packages ranged from VND 3 million to VND 25 million, with varying DHT rewards. Early investors were enticed with referral commissions for recruiting new participants.
AGOLD investment app (Photo: Hai Phong Police).
Defrauding Investors of Approximately VND 10 Billion
From late 2023 to late 2024, approximately 400 investors transferred nearly VND 10 billion to the group. Funds were directed to Nguyen Van Dat’s personal accounts instead of any legitimate mining operations.
The perpetrators used investor funds for personal expenses and pyramid-style payouts, with no actual business activities. Remaining funds were embezzled.
On November 5, Hai Phong Police charged Pham Duc Anh and Nguyen Van Dat with “Using computer networks, telecommunications networks, and electronic means to commit fraud” under Article 290 of the Penal Code.
Many victims remain unidentified. Hai Phong Police urge affected individuals to contact Investigator Doan Viet Trung at 0356.731.896 or the Cybercrime Division’s Investigator Nguyen Van Thanh at 0966.800.468.
Temporary Detention of Ngo Quang Son
Ngo Quang Son (born in 1982, residing in Tich Luong Ward, Thai Nguyen Province) has been identified as the mastermind and leader of the operation. He is responsible for devising the plan, designing the fraudulent system, and assigning roles to other members of the network.
