Facilitating Cryptocurrency Promotion, Luring Investors
Among the 15 defendants recently indicted by the Hanoi People’s Procuracy for “Using computer networks, telecommunications networks, and electronic means to commit asset appropriation” and “Money laundering” in cases involving BBI Vietnam Internet Technology Joint Stock Company (BBI) and BBA Global Joint Stock Company (BBA), Vũ Phong (born in 1972, residing in Tương Mai Ward, Hanoi) stands out as a key figure.
The prosecution identified that BBI was chaired by Hồ Quốc Anh (currently a fugitive) as the legal representative, while Thân Văn Thoại founded and managed BBA.
These two defendants directed Vũ Phong and accomplices to promote the unauthorized BBI Mall e-commerce app and the CBP cryptocurrency, deceiving investors into transferring funds, which were subsequently misappropriated.
According to legal authorities, only 33 victims have reported the case, with Thoại and Hồ Quốc Anh’s group accused of embezzling over 45 billion VND.
Vũ Phong, along with two others, received CBP tokens from Thoại in early 2021 to open accounts and invest in the Speeding.vip platform.
Thoại instructed them to host seminars, workshops, and training sessions at BBA’s office or organize camping events to promote CBP’s benefits and encourage investor participation in the CBP community.
Training programs included Millionaire Club, Millionaire Course, VIP Class, and HAPPY Class. In these sessions, defendants falsely claimed their crypto platforms were “money-printing machines,” promising substantial profits for specific investment packages.
Thoại also directed Vũ Phong’s team to host manipulative events, exploiting psychological tactics to engage investors in a multi-level marketing scheme.
While promoting CBP as a valuable asset, Thoại’s group controlled pricing, withdrawal approvals, and manipulated CBP’s value, leading victims to believe in its growth potential. This resulted in significant financial losses as investors transferred cash or assets, following instructions to purchase USDT.
Vũ Phong at the gambling trial in Pullman Hotel.
Spending Millions on Gambling
Through these schemes, Thoại’s group amassed 1.2 million accounts from over 9,700 members. Vũ Phong alone recruited 4,950 members, creating over 1 million accounts, leading to his prosecution for fraud.
Additionally, Vũ Phong was sentenced to 4 years and 6 months in prison by the Hanoi People’s Court for gambling at the Pullman Hotel, alongside former Phú Thọ Vice Chairman Hồ Đại Dũng and former Hòa Bình City Party Secretary Ngô Ngọc Đức.
On July 29, 2020, Vũ Phong received a gaming card from King Club (Pullman Hotel) under the name “Mr Tom.” From February 4 to June 10, 2024, he gambled 100 times on slot and baccarat machines.
He wagered over 10 million USD (257 billion VND), with a single session exceeding 479,000 USD (11 billion VND). Investigators confirmed losses of over 1.4 million USD (35 billion VND).
Unveiling the Crypto Pyramid Scheme: 6 Indicted, 12 Billion VND Stolen
Nguyễn’s group illicitly profited approximately 12 billion VND, showing signs of “Using telecommunication networks to commit property appropriation” and “Violating regulations on multi-level marketing.”
Indictment Sought for Two Former Chairmen of a Listed Company for Alleged Capital Inflation
The company listed and offered for sale 25,350,000 shares with the ticker symbol TOP on the stock exchange. These shares were devoid of intrinsic value and were issued with the sole intent of defrauding investors. The total amount swindled from unsuspecting investors amounted to a staggering sum of over 64 billion VND.
