In a recent crackdown led by Major General Nguyen Minh Tuan, the Phu Tho Provincial Police have dismantled an organized transnational criminal group that used computer and telecommunication networks to appropriate property and engage in illegal multi-level marketing, operating under the guise of trading the virtual currency PaynetCoin (PAYN). The group had illegally raised billions of US dollars from people inside and outside the country.
The Economic Security Department of Phu Tho Provincial Police detected suspicious activities of a group of individuals in Ho Chi Minh City who were allegedly violating regulations on illegal multi-level marketing. They were using websites such as FMCPAY.com and AFF2024.com to register and activate investment packages for participants in an illegal multi-level marketing scheme, offering commissions for referrals.
Participants were then instructed to entice others to join under their branch to earn additional commissions. The scheme operated as a Ponzi scheme, using money from new participants to pay existing ones.
Police forces executing a search warrant. Photo: Phu Tho Police
Investigators seizing phones, laptops, and desktop computers for the investigation. Photo: Phu Tho Police
On July 15, 2025, the Economic Security Department and the Investigative Security Agency of Phu Tho Provincial Police, in collaboration with specialized units of the Ministry of Public Security and professional units of the Provincial Police, simultaneously raided multiple locations in Phu Tho, Hanoi, and Ho Chi Minh City.
The initial investigation revealed that since 2021, the main suspect, Nguyen Van Ha, born in 1980, and his accomplices had created the virtual currency Paynetcoin (PAYN) based on blockchain technology and established a pyramid-structured reward system.
Participants who purchased investment packages would receive monthly interest rates ranging from 5% to 9%, depending on the package level. The group used PAYN to reward investors, who could then exchange it for USDT, a more widely accepted cryptocurrency, and eventually convert it into US dollars or Vietnamese dong.
Furthermore, the group deceived participants and organizers by claiming that the exchange was registered in the US and that the cryptocurrency could be used to book airline tickets and hotel rooms. However, no airline or hotel agency accepted PAYN as a form of payment.
Major General Nguyen Minh Tuan, Director of Phu Tho Provincial Police, interrogating the suspects. Photo: Phu Tho Police
To expand their network and attract more participants to buy PAYN, Ha collaborated with Phan Viet Lap, born in 1983, and other individuals to organize seminars and establish investment groups. Through these deceptive tactics, they managed to entice thousands of participants, raising billions of US dollars.
Based on the investigation, the Investigative Security Agency of Phu Tho Provincial Police has initiated legal proceedings against 20 defendants for “Violation of regulations on multi-level marketing” and “Using computer networks and electronic means to appropriate property” under Articles 217a and 290 of the Penal Code.
During the investigation, the authorities seized and froze assets worth thousands of billions of dong, including cash, foreign currencies, and real estate.
Currently, the task force is collecting evidence to expand the investigation, track down related individuals, and strictly handle them according to the law. They are also working on recovering the assets of the victims nationwide. Additionally, the police are urging individuals involved in this case to turn themselves in to receive lenient treatment.
The Phu Tho Provincial Police advises the public to be vigilant against invitations to invest in virtual currencies or multi-level marketing schemes to avoid falling prey to sophisticated fraud syndicates.
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