Vietnam police bust crypto scam ring linked to offshore actors
A provincial Vietnam police force arrested five individuals connected to an elaborate crypto scam network led by off-shore bad actors, according to local media reports.
On Oct. 4, police from Nghe An, a Vietnamese province bordering Laos and the Gulf of Tonkin, dismantled a Laos-based scam ring linked to fraudulent wire transfers. The scammers were led by off-shore individuals specializing in pig-butchering and crypto investment scams.
The Nghe An police apprehended two Vietnamese suspects after investigating and confirming direct links to the crypto scams.
According to the report, one of the scammers visited Laos in September 2023 to join the gang of fraudsters. In February, they began creating Facebook accounts to trick victims into romance and investment scams.
Orchestrating fraudulent crypto investment schemes
One of the scammers, who posed as a woman, gained the trust of a man from Ho Chi Minh City. The victim was eventually deceived into investing in “Biconomynft,” a fake app that promised exorbitant returns. Over several months, the scammer stole more than 17.6 billion Vietnamese dong ($700,000) from the victim.
The accomplice was also charged with a similar offense. Following a wider investigation, the police arrested three more individuals linked to the crime ring.
Initially, the scammers would gain the trust of their victims by releasing some of their invested funds as profits. Once the victims had invested more significant amounts, the scammers would lock the accounts and freeze the funds.
Crypto scams beyond borders
Recently, South Korean and Vietnamese authorities teamed up to bust another Vietnam-based crypto scam ring that was responsible for stealing more than 10 billion won ($7.5 million).
According to a local report, the group defrauded 230 victims by contacting them through various mediums, such as wedding invitations, funeral announcements, parcel delivery notifications and impersonating family members on text messages.
After analyzing 300,000 suspicious transactions, police arrested 86 individuals in Korea and overseas in connection with the operation.