In a recent development, law enforcement authorities have announced the initiation of legal proceedings and the indictment of ten individuals for fraud and asset appropriation.
The masterminds behind this scheme are individuals of Chinese nationality, aided by a group of Vietnamese accomplices. The leaders of this operation, Nguyen Van Chung (born 1995, An Phu, An Giang) and Pham Tran Phuong Anh (born 1999, Binh Chanh district, Ho Chi Minh City), played a pivotal role in enticing and recruiting agents and investors (referred to as players).
Initial investigations by the police revealed that the perpetrators fabricated a virtual foreign exchange trading platform named Verbocapital. Through online advertisements and promotional content, prospective players were enticed to register and invest in the Verbocapital platform. The leaders of this scheme provided guidance on account creation, fund deposits, and investment strategies. However, they manipulated the system by intervening in order placements and adjusting the spread (buy-sell difference), causing intentional losses to the players’ accounts.
Individuals involved in the case. Image: Bac Ninh Provincial Police
To perpetuate this scam, the perpetrators established a multi-level marketing network, delegating specific tasks to their accomplices. They utilized social media platforms such as Facebook, Zalo, and Telegram to advertise, invite, and attract potential investors. Once an individual showed interest, they were added to exclusive groups, where so-called financial experts would offer advice and place orders to gain the investors’ trust.
The fraudsters employed deceptive tactics to appropriate funds from players by manipulating the spread, altering leverage, and instructing players to place large-volume orders. When players requested withdrawals, the perpetrators would delay the process, persuading investors to continue placing orders, ultimately leading to losses and depletion of their accounts. The stolen funds were then distributed among the perpetrators based on their management hierarchy.
Employing these deceptive strategies, the Verbocapital platform attracted approximately 5,700 transactions from September 2024 to the present, involving around 4,000 victims and resulting in estimated losses of 300 billion VND.
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