Police arrest members of crypto fraud network in Vietnam
October 04, 2024
Law enforcement in Nghe An arrested a group involved in fraudulent banking operations. The criminals specialized in investment schemes related to cryptocurrency and pork trading. The leaders of the gang were individuals operating from abroad.
Fraud scheme
One of the main fraudsters was a man who pretended to be a woman. He gained the trust of a man from Ho Chi Minh City and tricked him into investing significant funds in the company Biconomynft, which promised large profits. Over several months, the scammer stole over $700,000 from the victim.
Methods of the thieves
The fraudsters operated according to a scheme in which they initially paid out part of the profit to their victims to gain their trust. Once the victim invested a larger sum, they blocked the accounts and froze the funds, making them inaccessible for withdrawal.