Notably, the case involved popular TikToker Pho Duc Nam along with more than 20 individuals who have been prosecuted for fraud. The investigation agency seized and froze assets worth more than VND5,000 billion (US$197 million).
Through professional operations, the Public Security Department of Hanoi detected that since 2021, Pho Duc Nam who was born in 1994, residing in Ward 8, Vung Tau City, Ba Ria - Vung Tau Province and Le Khac Ngo, who was born in 1990, residing in Phu Dien Ward, Bac Tu Liem District, Hanoi collaborated with a Turkish national operating an office in Phnom Penh, Cambodia to direct seven individuals in Vietnam to establish numerous "ghost" companies headquartered in Ho Chi Minh City, Hanoi, and several other provinces nationwide.
According to the police agency, although the companies have not registered for securities or financial operations, the suspects recruited employees to operate in forex and derivative securities trading with about 1,000 employees working from 8:00 a.m. to 9:00 p.m. daily.
The suspects created and managed five English-language websites, misleading participants into reputable international exchanges to gain the investor's trust.
These websites were essentially programed to be linked to the suspects' bank accounts, with each trading platform connected to MetaTrader 4 and MetaTrader 5 applications being forex and securities trading platforms.
On October 25, 2024, the Hanoi Department of Public Security in coordination with the Ministry of Public Security arrested dozens of suspects involved in this cross-border fraud ring.
The Hanoi Department of Public Security has identified 2,661 victims nationwide so far, seized and froze assets with a total value of more than VND5,200 billion (US$205 million), comprising VND316 billion (US$12.5 million) in bank accounts, savings books totaling VND200 billion (US$7.9 million), VND69 billion (US$2.7 million) in cash, more than US$2.3 million in cash, 890 SJC-branded gold bars, and 246 kilograms of raw gold.
Besides, the police also confiscated 31 luxury cars, seven high-end motorcycles and 59 luxury watches worth about VND300 billion (US$11.8 million) together with various pieces of gold and diamond jewelry.
Additionally, transactions involving 125 real estate properties were blocked.
The Hanoi Police Investigation Agency has issued decisions to prosecute the criminal case for fraudulent appropriation of properties, failure to report criminal activities, and money laundering.
The police forces have also prosecuted 31 suspects for these offenses.
On the same day, the Hanoi Department of Public Aecurity also announced a plan to launch a crackdown on crime before, after and during the Lunar New Year 2025, and early-year festivals, which will fall from December 15, 2024, to February 14, 2025.
