The Department of Cyber Security and High-Tech Crime Prevention under the Da Nang City Police today announced that it had successfully identified a suspect involved in a large-scale online fraud scheme.
According to the authorities, the individual exploited digital platforms to carry out fraudulent activities related to the trading of virtual currencies. By manipulating these transactions, the suspect allegedly misappropriated funds amounting to tens of billions of Vietnamese dong from numerous victims spread across various provinces and cities nationwide.
Earlier, the Police Department received a report from a man living in Da Nang City, stating that he had been defrauded of USDT150,000 (approximately VND3.8 billion ). By utilizing professional techniques, police officers were soon to identify a man who resides in Ho Chi Minh City is the culprit of this crime and promptly convene a meeting with this guy.
Preliminary investigation findings indicate that since 2021, the guy in HCMC has established numerous fraudulent social media accounts, posing as reputable figures within the virtual currency community to gain access to private groups and major exchanges like Binance, OKX, and Bitget.
After targeting individuals seeking to trade large amounts of USDT, the suspected man instructed victims to transfer funds first. Upon receiving the money, the suspect immediately cut off all contact and unlawfully appropriated the assets.
The stolen virtual currency was then funneled through multiple intermediary wallets and transferred to international cryptocurrency exchanges using accounts not registered under the suspect’s name. It was subsequently resold through various accomplices in an effort to obscure the transaction trail and evade detection by law enforcement.
During questioning, the suspected man admitted to defrauding numerous victims across various provinces and cities nationwide with the total amount of misappropriated funds reaching tens of billions of Vietnamese dong.
