A major cryptocurrency fraud operation in southern Vietnam has led to the arrest of four individuals, including the alleged ringleader, Tran Minh Quang, following the loss of over VND4 billion (approximately $157,300) from more than 200 victims.
The scam, involving a fake crypto mining platform called BitMiner, deceived investors across the country by tricking them into investing in a bogus cryptocurrency named Bincoin.
Tran Minh Quang (left) at a police station, handcuffed and being interrogated by an officer.
The scammers used a sophisticated online presence to make their operation appear credible.
The platform falsely claimed to be an international investment project, registered in Singapore, and boasted of a supposed office in Dubai, which was shown on Google Maps to build trust with potential victims.
Promising substantial returns, the group offered various “diamond mining” packages with enticing names like Red Diamond, Blue Diamond, and Green Diamond.
A police spokesperson involved in the investigation said:
“These packages were marketed as investments in cryptocurrency mining using the latest technologies, including AI.”
To draw in more participants, the fraudsters held live seminars, with themes like “Harnessing AI Technology for the Future of Mining.”
These sessions, which were promoted as educational, were another tactic used to convince victims of the legitimacy of the operation.
Source: Unsplash
In reality, these events were nothing more than a tool to recruit new investors, further enriching the scammers at the expense of innocent participants.
The group promised easy profits, manipulating users to transfer real cryptocurrency (USDT) into wallets controlled by the criminals, who then pocketed the funds.
On 28 December 2024, police in Dong Nai Province, in collaboration with other law enforcement agencies, raided locations connected to the fraudulent operation.
During the raids, authorities confiscated significant evidence, including digital devices and records of transactions.
Tran Minh Quang, 41, the alleged ringleader, was arrested alongside three accomplices: Nguyen Trung Nam (42), Luong Hoai Nam (39), and Nguyen Xuan Toan (32).
Nguyen Xuan Toan (right)
Quang and his team are accused of running a large-scale operation that targeted victims through online forums, where they promoted the scam as an opportunity to make fast and easy money.
Initial investigations have revealed that more than 200 individuals were defrauded in the scheme, with an estimated loss of nearly VND4 billion.
Authorities are expanding their efforts to track down additional victims and uncover any further involvement of accomplices.
As the investigation continues, police are warning the public to be cautious of investment schemes promising quick profits with little risk, especially those related to cryptocurrency, which remains a popular target for fraud.
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