HANOI, Vietnam — Authorities across multiple Vietnamese cities have launched a large-scale investigation into a sophisticated cryptocurrency fraud scheme involving fabricated digital currencies and multi-million-dollar investor losses.
On March 20–21, task forces in Hanoi, Ho Chi Minh City, Can Tho, Da Nang, and Dak Lak, alongside the Economic Security Agency and the Investigation Security Agency under the Ministry of Public Security, conducted extensive searches and summoned over 140 individuals connected to the scheme.
Investigators seized computers, mobile phones, documents, and other evidence confirming the suspects’ illegal activities, while preventing the destruction of assets and further financial losses. On March 23, criminal proceedings were formally initiated for “utilizing computer networks, telecommunications, and electronic devices to misappropriate assets” and for “money laundering.”
Preliminary findings indicate that from 2018 to the present, Vuong Le Vinh Nhan, 42, of Can Tho City, General Director of Digital Asset Management JSC; Tran Quang Chien, 1991-born technical administrator of the ONUS cryptocurrency exchange in Hanoi; Ngo Thi Thao, 1994-born Director of HANAGOLD Jewelry JSC in HCMC; and several accomplices, systematically created fraudulent cryptocurrencies such as VNDC, ONUS, and HNG.
The defendants allegedly promoted fake investment opportunities, manipulated artificial supply and demand, and misappropriated capital from unsuspecting investors through the ONUS exchange. A temporary detention order has been issued for one individual charged with money laundering. The Supreme People’s Procuracy has ratified all prosecution decisions.
Authorities warn citizens to exercise extreme caution with online investment solicitations, particularly those promising unrealistic returns or operating under multi-level marketing frameworks. The public is urged to remain vigilant against secondary scams exploiting this case.
