Ngo Thi Theu, also known as “Madam Ngo,” was apprehended in Bangkok on Friday for orchestrating a massive cryptocurrency and forex investment scam that defrauded over 2,600 Vietnamese citizens of approximately US$300 million.
The 30-year-old fugitive was arrested by Thailand’s Crime Suppression Division (CSD) officers at a hotel in the Klong Tan Nuea area of Watthana district, alongside two Vietnamese men believed to be her bodyguards, identified as Ta Dinh Phuoc (38) and Trong Khuyen Trong (41). All three were found to be overstaying their visas.
Theu was subject to an Interpol Red Notice and a warrant issued by Hanoi police for charges of misprision — concealing knowledge of a felony. Vietnamese authorities identified her as a central figure in a sophisticated fraud network that lured victims through false promises of high investment returns.
According to Pol Maj Gen Wittaya Sriprasertparb, the scam promoted monthly returns of 20–30% and used celebrities and influencers to lend credibility. Victims were invited to seemingly legitimate seminars that promoted “risk-free” investments, resembling a pyramid scheme. Early investors were allowed to withdraw small returns to build trust, but once larger sums were committed, the operators disappeared.
Theu’s criminal enterprise reportedly involved 35 co-conspirators, led by a Turkish national, and had 44 offices across Vietnam. Over 1,000 staff supported operations that expanded into Cambodia.
Following her flight to Thailand, Vietnamese authorities coordinated with Thai officials to locate and arrest her. During interrogation, Theu admitted to her role in the scam. She stated that most funds went to the ringleader while her share was laundered through real estate in Vietnam.
While in hiding, Theu used mule accounts to receive funds, which were withdrawn in cash in Thailand in amounts of roughly one million baht per transaction to avoid detection.
Ngo Thi Theu remains in Thai custody pending extradition to Vietnam for prosecution.
