Five individuals associated with an intricate crypto scam network operated by offshore criminals have been apprehended by a provincial police force in Vietnam.
Police from Nghe An, a Vietnamese province bordering Laos and the Gulf of Tonkin, dismantled a scam organization based in Laos associated with fraudulent wire transfers on October 4.
Offshore individuals who were experts in cryptocurrency investment scams and pig butchering led the ring of scammers.
Following an investigation establishing direct connections to the crypto schemes, the Nghe An police apprehended two Vietnamese suspects.
According to the police report, one of the scammers traveled to Laos in September 2023 to become a member of the scam organization. In February, they established Facebook accounts to induce victims into investment and romance schemes.
Conducting fraudulent crypto investment schemes
The fraudster, who assumed a woman’s identity, ultimately convinced a Ho Chi Minh City man to trust him. Ultimately, the victim was deceived into investing substantial money in “Biconomynft,” which offered exorbitant returns.
The fraudster fraudulently removed more than 17.6 billion Vietnamese dong ($700,000) from the victim over several months.
The accomplice was also accused of a comparable offense. The police apprehended three additional individuals of similar age brackets who were associated with the crime organization after conducting a more comprehensive investigation.
Initially, the fraudsters establish trust with their victims by releasing some of their invested funds as profits. The scammers freeze the funds and close the accounts after the victims have invested a substantial amount.
International crypto scams
Recently, South Korean and Vietnamese authorities collaborated to dismantle an additional scam organization based in Vietnam that had stolen over 10 billion won ($7.5 million).
The criminal organization defrauded 230 victims by contacting them through a variety of mediums, including wedding invitations, funeral announcements, parcel delivery notifications, and impersonating family members in text messages, according to a local report.
Police apprehended 86 individuals in Korea and abroad in connection with the crypto phishing operation after analyzing 300,000 suspicious transactions.
