The Police Investigation Agency of Thai Nguyen Province has initiated legal proceedings and charged six individuals involved in a multi-level cryptocurrency scheme, defrauding victims of 12 billion VND…
According to the investigation, the Police Investigation Agency (Economic Police Division) received intelligence from the Cybersecurity and High-Tech Crime Prevention Department of Thai Nguyen Provincial Police. This intelligence pointed to a group operating a multi-level cryptocurrency trading scheme with indications of illegal asset appropriation.
Investigators escort a suspect in the case
Preliminary investigations revealed that around May 2025, an individual named Nguyen (residing in Tu Liem District, Hanoi) identified the growing investor interest in cryptocurrency markets. Nguyen conceived the idea of creating the SPIN cryptocurrency and new digital assets (NFTs), launching a trading platform for both under a multi-level marketing model.
Participants earned “commissions” and bonuses based on their investments and those of up to 16 levels of downline recruits. Through this scheme, Nguyen’s group illicitly profited approximately 12 billion VND, raising suspicions of “Telecommunications Fraud” and “Violations of Multi-Level Marketing Regulations.”
Based on the evidence, the Police Investigation Agency has filed charges for “Telecommunications Fraud” and “Violations of Multi-Level Marketing Regulations.” Six individuals have been formally charged and detained pending trial.
The investigation is ongoing and expanding.
Thái Nguyên’s Garment Giant Expands with New Affordable Housing Project
Following the successful completion of its first social housing project in November, TNG Investment and Trading JSC (HOSE: TNG) has partnered to launch a new development.
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.
The $70 Million Project: Unveiling the Final Piece of Ho Chi Minh Highway’s Connectivity Puzzle
The Secretary of the Thai Nguyen Provincial Party Committee has urged construction units to capitalize on favorable weather conditions, maximize the deployment of equipment and manpower, and accelerate all work fronts to ensure the project timeline is met.
The Fate of $14 Billion in Bitcoin Seized by the U.S. from Cambodian Fraud Kingpin Chen Zhi
Following the U.S. seizure of over $14 billion in Bitcoin from Cambodian fraud mastermind Chen Zhi, a critical question emerges: will these funds be returned to the victims or absorbed into strategic reserves?
$15 Billion in Bitcoin Seized from Massive Cambodian Fraud Scheme
The U.S. Department of Justice (DOJ) has executed the largest asset seizure in history, confiscating approximately $15 billion in Bitcoin from the cryptocurrency wallets of a man operating a global “pig butchering” scam based in Cambodia, prosecutors announced on Tuesday.
