Vietnamese authorities have arrested five individuals linked to a major crypto scam that targeted unsuspecting victims in Vietnam. The arrests were made by the Nghe An provincial police. They exposed a fraudulent network operating with international connections. On October 4, Nghe An police confirmed that the fraudulent activities originated from the Golden Triangle Special Economic Zone in Laos. This fraud involved overseas fraudsters promoting fake cryptocurrency investment schemes to Vietnamese individuals.
Police investigation showed that the scam network had swindled tens of billions of Vietnamese Dong (VND) from victims in the country. Police said that five of the arrestees were Vietnamese, directly involved in the scam. The leading suspects were Vi Van Linh ( 21) and Kha Van Au (22) from Nghe An Province.
Crypto Scam Scheme Traps Victims with Fake Love and Investment Offers
Based on the investigation, Linh went to Laos in September 2023 and joined the fake group which posed as a cryptocurrency investment. Linh used fake profiles on the Zalo and Facebook applications to make a romantic partner from Ho Chi Minh City. In these fake relationships, the victim was tricked into investing in a fake platform known as “Biconomynft.” The victim lost more than 17.6 billion VND in the end. Subsequently, Kha Van Au also scammed the same victim, embezzling over 1 billion VND with the same process.
After the arrests, the police launched further investigations and identified three more suspects: Loc Van Cao (23), Luong Van Hien (23), and Vi Thi Le (22). Some of these people were also arrested for their involvement in the scam and are being investigated for other related scams.
It was one of the many international frauds perpetrated by a group of international criminals based in Laos. The group used the following lies; they opened fake social accounts and pretended to live rich lifestyles. The perpetrators directly messaged their victims by friending them and convincing them to invest in the fake Biconomynft platform.
The scammers gained the trust of their victims by showing small profits in cryptocurrency. However, once the victims invested larger sums, they froze the accounts and stole their assets. The authorities continue investigating and expanding the case to ensure other potential group members are brought to justice.
