Vietnamese National Arrested Over $300 Million Crypto Scam
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A Vietnamese woman has been arrested in Bangkok for orchestrating a $300 million cryptocurrency and forex scam
The scheme has defrauded over 2,600 investors, primarily in Vietnam, through promises of high returns and recruitment incentives
Authorities have uncovered a vast network involving 44 call centers and over 1,000 staff across Vietnam and Cambodia
Thai authorities have apprehended Ngo Thi Theu, also known as “Madam Ngo,” a 30-year-old Vietnamese national wanted by Interpol for her role in a massive cryptocurrency and forex investment fraud. Theu was arrested in Bangkok’s Watthana district, where she had been hiding with two bodyguards. The scam, which promised investors monthly returns of 20-30%, has resulted in losses exceeding $300 million and affected more than 2,600 individuals.
Victims Promised Monthly Returns
On May 24, 2025, Thai Crime Suppression Division officers, in coordination with Vietnamese authorities, arrested Ngo Thi Theu at a hotel in Bangkok’s Watthana district. She was accompanied by two Vietnamese men, identified as her bodyguards, who were also taken into custody for overstaying their visas. Theu was wanted under an Interpol Red Notice and a Vietnamese arrest warrant for charges related to fraud and money laundering.
Theu’s operation lured victims by promoting fraudulent cryptocurrency and forex investment opportunities, promising high monthly returns. To gain credibility, the scheme employed celebrities and influencers to endorse the investments, while victims were invited to seminars that falsely claimed the investments were risk-free and offered quick returns.
In typical Ponzi Scheme fashion, early investors were allowed to withdraw small profits to build trust, but once larger investments were made, the perpetrators became unreachable. The scheme also incentivized participants to recruit others, offering commissions in a structure resembling a pyramid scheme.
Turkish National Led Operation
Investigations revealed that the fraudulent operation was led by a Turkish national and involved 35 Vietnamese co-conspirators. The network operated 44 offices across Vietnam, including in major cities like Hanoi, Ho Chi Minh City, Da Nang, and Hoi An, as well as in Phnom Penh, Cambodia.
The organization employed over 1,000 staff members to manage the extensive scam. While in hiding in Thailand, Theu continued to receive funds through mule accounts in Vietnam, which were then transferred to Vietnamese nationals in Thailand and withdrawn in cash to avoid detection.
During questioning, Theu confessed to promoting fraudulent investments and admitted that most of the money swindled from victims went to the ringleader, stating that her share was laundered through real estate investments in Vietnam. Theu is currently in police custody in Thailand, awaiting extradition to Vietnam to face charges related to the fraud.
The post Vietnamese National Arrested Over $300 Million Crypto Scam appeared first on FullyCrypto.
Filed under: Bitcoin - @ May 30, 2025 7:13 am