Phu Tho Provincial Police have dismantled a transnational organized crime ring that exploited computer networks and telecommunications systems to misappropriate assets through the sale of a virtual currency called PAYN—illegally mobilizing billions of US dollars from individuals in Vietnam and abroad.
The Phu Tho Provincial Police, on the morning of August 11, announced that, during specialized operations, the Economic Security Division detected suspicious activities in Ho Chi Minh City involving violations of regulations on multi-level marketing. The suspects had been using websites such as FMCPAY.com and AFF2024.com to register and activate investment packages for participants under an illicit pyramid scheme. Participants earned referral commissions by recruiting others, who in turn were encouraged to enlist more members within their own downlines—creating a cascading recruitment structure.
The group operated on the classic Ponzi principle—using funds from new participants to pay returns to earlier investors.
After gathering sufficient documents and evidence, the Economic Security Division and the Investigative Security Division of the Phu Tho Provincial Police, in coordination with professional units under the Ministry of Public Security, launched simultaneous raids at multiple locations in Phu Tho, Hanoi, and Ho Chi Minh City.
Preliminary investigations revealed that, since 2021, Nguyen Van Ha (residing in Phu My Bac Commune, Gia Lai Province) and accomplices had programmed and launched the PAYN cryptocurrency on a blockchain platform, building a reward system structured as a pyramid scheme.
Under the model, investors who purchased packages received monthly returns of 5–9 percent, depending on their investment tier. PAYN tokens were used to pay these returns, which investors could then trade on FMCPAY.com with others holding PAYN who wished to sell, exchanging them for other cryptocurrencies and subsequently converting them into US dollars or Vietnamese dong.
To expand the network and attract buyers, Ha coordinated with Phan Viet Lap (residing in Bay Hien Ward, Ho Chi Minh City) and several others to organize seminars and investment groups. Through sophisticated tactics, the ring managed to recruit thousands of participants, raising a total sum amounting to billions of US dollars.
Based on the investigation findings, the Investigative Security Agency of the Phu Tho Provincial Police has initiated criminal proceedings, charging 20 suspects with “Violating regulations on multi-level marketing” and “Using computer networks and electronic means to appropriate property”.
