TLDR:
- Seven Vietnamese nationals arrested for operating fake Nasdaq crypto platform from Cambodia’s Bavet city.
- Scammers used Telegram and Zalo groups with fake accounts to simulate trading and lure investors.
- Police seized $532,800 in cash, devices with fraud scripts, gold rings, and six land title deeds.
- Two victims lost over $42,000 each as funds were laundered through banks then converted to crypto.
Vietnam police have arrested seven individuals connected to a Cambodia-based cryptocurrency fraud scheme. The operation falsely presented itself as the Nasdaq exchange.
Authorities recovered VND14 billion ($532,800) misappropriated from victims. The arrests occurred in Da Nang following multiple complaints from defrauded investors.
Organized Fraud Network Operated From Cambodia
Police detained Nguyen Van Chung, 31, Nguyen Duc Long, 26, and five other suspects. All seven individuals are residents of Bac Ninh province in northern Vietnam.
The arrests followed reports from a 36-year-old woman in Da Nang’s An Khe Ward. She and several others lost money investing through the fraudulent platform.
The investigation revealed that Chung traveled to Cambodia in early 2024. He partnered with a Chinese national known as A Long.
Together, they established the scam operation in Bavet’s Kim Sa 3 area. The location sits near the Cambodian border.
The suspects recruited Vietnamese nationals for the scheme. Each member received specific assignments within the organization.
The group created a fake website mimicking the legitimate Nasdaq exchange. Nasdaq ranks as the world’s second-largest stock exchange based in the United States.
The genuine platform lists major technology companies including Apple, Microsoft, and Amazon.
The perpetrators used Zalo and Telegram messaging applications to execute their plan. They managed dozens of accounts across both platforms.
These accounts displayed fabricated trading activity and false profit reports. Members posed as investment experts to gain victim trust. The tactic successfully convinced people to transfer funds into the fraudulent system.
Evidence Recovery and Legal Action
After collecting victim funds, the group laundered money through multiple bank accounts. They converted the cash into cryptocurrency to conceal the original source.
Current findings show the network defrauded victims of VND14 billion. Two individuals alone lost over VND1.1 billion to the scheme.
Law enforcement executed a comprehensive raid on the operation. Officers confiscated USB drives containing fraud scripts and communication devices.
Police recovered mobile phones, tablets, and laptop computers used in the scheme. The haul included VND5.2 billion in Vietnamese currency.
Investigators found foreign currency banknotes and dozens of gold-colored metal rings. Six land title deeds were among the confiscated property.
Electronic data relevant to the case was also secured for further analysis. Authorities continue examining the evidence to identify additional victims.
All seven suspects face charges of property misappropriation using digital means. The charges cite use of computer networks and telecommunications networks.
Electronic means were employed to commit the alleged crimes. Da Nang police warned citizens to exercise caution regarding online investment offers promising high returns with low risk. Authorities advise reporting suspicious activities immediately.
The post Vietnam Police Arrest Seven in $532K Cross-Border Crypto Scam Posing as Nasdaq appeared first on Blockonomi.
Source: https://blockonomi.com/vietnam-police-arrest-seven-in-532k-cross-border-crypto-scam-posing-as-nasdaq/
