Vietnamese police recently successfully dismantled a transnational fraud syndicate led by Chinese nationals. The gang created a fake foreign exchange trading platform "Ve*** Cap****", and in less than a year, defrauded over 3,900 Vietnamese citizens of a total of 300 billion Vietnamese dong (approximately 85 million RMB).
According to the Vietnamese Ministry of Public Security, the fraud syndicate had a strict organizational structure controlled by several core Chinese members, and recruited local Vietnamese personnel to promote and operate the platform. Vietnamese suspects, 30-year-old Nguyen Van Trung and 26-year-old Pham Thi Phuong Anh, were mainly responsible for attracting investors and maintaining the daily operations of the platform.
The investigation revealed that the gang extensively promoted "high-yield foreign exchange investments" on social media, luring victims to register and deposit money on the fake platform. The platform's backend manually manipulated trading data, ultimately confiscating funds under the guise of "investment losses". To evade investigation, the proceeds of the fraud were transferred through multiple levels of accounts.
In a coordinated operation, Vietnamese police across provinces successfully arrested 10 core members, seized crime tools including 26 computers, 32 mobile phones, and a Mercedes-Benz car, and froze several accounts involved in the case.
The Cybersecurity Bureau of the Vietnamese Ministry of Public Security stated that this case is one of the largest and most professionally executed financial fraud cases uncovered in recent years. The police are currently pursuing other fugitives, and the investigation is still ongoing. Authorities remind the public to be wary of similar "high-return" investment scams and recommend making financial investments through legitimate channels.
