The 4-Step Scam Process of a Billion-Dollar Fraud Ring Operating from Cambodia

Enticing Citizens to Invest in the JPX Virtual Platform

On December 4th, Colonel Lê Ngọc Anh, Deputy Director of Thanh Hóa Provincial Police, revealed that since early 2023, Tới had traveled to Cambodia, renting 12 rooms on the 4th floor of building number 10 in the TiTan area (Svay Rieng province) to establish a headquarters for operating a fraud ring. Here, Tới collaborated with foreign individuals to rent a binary virtual investment platform named JPX. Simultaneously, he connected with accomplices in Vietnam to recruit individuals and purchase computers and electronic devices to facilitate criminal activities.

Tới’s ring lured approximately 70 Vietnamese citizens to Cambodia to work, tasking them with using social media accounts and fan pages to run ads, approach, and entice victims to invest through the jpx-exchange.com website.

The group’s tactics were highly sophisticated. Initially, victims were allowed to win consistently with small amounts and withdraw funds to build trust. Once victims invested larger sums, the system was manipulated to cause consecutive losses or excuses such as “incorrect transfer details,” “withdrawn funds frozen,” or “exceeding contract limits” were used to defraud them.

Notably, Tới devised a four-step fraud process for his accomplices: Step 1, “Hooking the Client,” where staff approached and engaged victims using a pre-written script to entice them to invest. Step 2, “Nurturing the Client,” allowing them to win consistently and withdraw funds to create the illusion of “real investment, real profits.” Step 3, “Getting the Client to Invest,” by luring victims into a Telegram group filled with fake accounts and using “bait” to encourage large investments before manipulating the system to defraud them and cut off contact. Step 4, “Eliminating the Client,” where, after victims invested significant amounts, various excuses were used to seize their funds.

Simultaneous Crackdown, 29 Suspects Arrested

In an interview with Tiền Phong, Lieutenant Colonel Nguyễn Quang Thuỷ, Head of the Cyber Security and High-Tech Crime Prevention Department (PA05) of Thanh Hóa Provincial Police, stated that since mid-2025, after monitoring and gathering evidence, Thanh Hóa Police launched a simultaneous crackdown, summoning and interrogating Mai Văn Tới and 28 accomplices. At the investigation agency, the suspects confessed to all criminal acts, consistent with the collected evidence.

Authorities determined that thousands of victims nationwide were affected, with total losses amounting to trillions of Vietnamese dong. Specifically, from June 23rd to July 18th, 2025, the group defrauded 200 billion dong through 20 bank accounts.

Law enforcement seized 2 computers, 32 mobile phones, over 1.5 billion dong in cash, and numerous related documents. To date, Thanh Hóa Provincial Police have initiated legal proceedings and charged 28 suspects with “Using computer networks, telecommunications networks, and electronic means to commit fraud.” The investigation is ongoing.

According to police leadership, the investigation faced significant challenges, including the fact that the criminal activities occurred in cyberspace, were highly organized, and involved sophisticated tactics. All equipment, devices, and operations were based entirely abroad. Funds were transferred through multiple accounts across different banks, complicating tracing efforts. Many suspects were not present locally, and some had deleted data and erased evidence from phones and computers.

Despite these challenges, the successful crackdown has significantly contributed to preventing, combating, and deterring high-tech crimes, particularly those exploiting cyberspace to defraud assets, which have become increasingly complex in recent times.