Mr. Nguyen Van Ha, CEO of Hahalolo (Lao Dong Newspaper)
Phu Tho Provincial Police have just dismantled an organized transnational criminal group that used computer networks and telecommunications to appropriate assets and engage in illegal multi-level marketing. The group operated under the guise of buying and selling a virtual currency called PaynetCoin (PAYN) and raised billions of US dollars from domestic and foreign individuals.
Image source: Phu Tho Provincial Police’s Electronic Information Portal
The mastermind behind this fraudulent scheme is Nguyen Van Ha (born in 1980, residing in Phu My Bac, Gia Lai province). Mr. Nguyen Van Ha is the founder and CEO of Hahalolo Tourism Social Network Joint Stock Company, a name that once attracted attention in the Vietnamese tech industry.
Hahalolo Social Network was launched in 2019. Besides features such as connecting friends, online chatting, posting, commenting, and sharing, Hahalolo also allows users to book tours, reserve hotel rooms, and share travel experiences, setting it apart from other social media platforms.
Additionally, Hahalolo functions as an e-commerce platform, offering a diverse range of products for sale on its website.
In his speech at the launch event on June 10, 2019, Mr. Nguyen Van Ha announced that the social network aimed to reach 2 billion users in Vietnam and worldwide by 2024 and planned to list the company on the NASDAQ stock exchange (New York, USA) in 2024 or 2025.
Initial investigation results indicate that since 2021, Nguyen Van Ha and his accomplices have created a virtual currency called PaynetCoin (PAYN) based on Blockchain technology. They also constructed a pyramid-shaped reward system (multi-level marketing). After registering for an investment package, participants would receive monthly interest ranging from 5% to 9%, depending on the package tier. The interest was paid in PAYN, which investors could then exchange for USDT and further convert into USD or VND on the FMCPAY.com exchange.
To expand their scheme, the perpetrators lured individuals into buying PAYN through referrals and personal connections. Nguyen Van Ha discussed his ideas with Phan Viet Lap and other individuals, organizing seminars and groups to promote their investment system. This resulted in the involvement of thousands of participants, with total funds raised reaching billions of USD.
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