International Cryptocurrency Fraud Gang Dismantled: 56 Arrested in Multinational Operation

The police of Ha Tinh, in coordination with authorities from Vietnam, the Philippines, and Cambodia, dismantled a sophisticated criminal network involved in large-scale cryptocurrency fraud. The operation resulted in 56 arrests: 30 in the Cambodian capital Phnom Penh and 26 at the international airports of Ho Chi Minh and Hanoi.

How the Scheme Worked

The organization operated with military precision. Led by Chinese criminals and executed by Vietnamese, the group was divided into specialized departments:

• Account Management Sector: Maintained hundreds of fake profiles on Facebook, pretending to be successful entrepreneurs with luxury photos to attract victims.
• Initial Trust Tactic: Allowed initial withdrawals of capital + interest to gain the victims' trust
• Main Scam: Requested minimum deposits of 8 million dong in Bitcoin via the UNISAT app. Then, used excuses of “system errors” or “insurance fees” to demand more money, then blocked everything.
• Secondary Fraud: Recruited victims for “jobs on TikTok”, charging participation fees with promises of high commissions.

Hierarchical Structure

Nguyễn Văn Đồng ( born in 2000) managed the operation of fake accounts. Nguyễn Thế Anh ( born in 1996) supervised over 80 Vietnamese operators based in the Philippines, providing fraud scripts and controlling the illicit profits.

At the end of 2024, when the Vietnamese Ministry of Interior alerted the Philippine authorities, the network moved to Phnom Penh to avoid persecution. It was then that the police carried out the coordinated operation.

The Size of the Damage

The losses are estimated at hundreds of billions of dong. The investigation is ongoing to identify co-conspirators and quantify the full extent of the criminal activities.