Ho Chi Minh City police have arrested Xing Yannank, 35, and 30 other suspects for running a large-scale online scam that defrauded Japanese victims of over $486,000. The operation involved fake e-commerce platforms and fraudulent cryptocurrency schemes.
On April 29, authorities raided six locations across the city, uncovering hundreds of phones, tablets, and laptops, along with methamphetamine. The suspects, mostly Chinese nationals, entered Vietnam over a three-month period and operated from a house in Khang Dien, disguised as a convenience store.
Investigators revealed that the group targeted Japanese users on social media, luring them into making purchases or investments using cryptocurrency or Japanese yen. Once payments were received, contact was cut off.
The ringleader, Xing, allegedly controlled all transactions and paid members up to VND50 million ($1,922) monthly, with bonuses based on performance. He personally profited over USDT38,000.
Authorities continue to investigate the full scope of the fraud and are working to identify more victims.
