Vietnamese Police Arrest 5 Suspects in Cryptocurrency Fraud Case, Involving $532,800

Odaily News: Vietnamese police have arrested five suspects operating a cryptocurrency fraud ring in the Da Nang area. The group established a base in Cambodia and carried out scams through a fake investment platform imitating Nasdaq, involving an amount of 14 billion Vietnamese dong, approximately $532,8,00. Police investigations revealed that Nguyen Van Chung traveled to Cambodia in early 2024 and colluded with a Chinese national named A Long to organize the fraud. The group disseminated false trading information via Zalo and Telegram to lure victims into investing, then transferred the funds through multiple bank accounts and converted them into cryptocurrency to conceal their origin. Police have currently seized USBs containing fraud scripts, mobile phones, laptops, and over 5.2 billion Vietnamese dong in cash. The case is still under further investigation.