A local law enforcement group from Vietnam has apprehended five individuals linked with a cryptocurrency scam syndicate led by foreign scammers. According to a local report, the enforcement group consisted of policemen from Nghe An, a Vietnamese province between Laos and the Gulf of Tonkin.
As revealed, on Friday, the group raided a Laos-based cartel connected to various cases of illicit wire transfers. As per the report, the syndicate is led by foreign bad actors who are notorious for their pig butchering and crypto investment frauds.
Meanwhile, before the arrest, a law enforcement group carried out an investigation that unraveled the connection between the arrested individuals and crypto scams. More so, a police report illustrated how one of the fraudsters became a member of the gang after visiting Laos late last year.
Furthermore, the report established how, the scammers mostly set up accounts on Facebook to lure their victims into romantic relationships and investment scams. During the investigation, the police initially arrested two individuals who eventually exposed other members of the gang.
How the Syndicate Stole More Than $700,000 From a Victim in Vietnam
The police explained how one of the scammers deceitfully gained the trust of a man from Ho Chi Minh City by pretending to be a woman. Thereafter, the fraudster tricked the man into investing huge amounts of money into a fraudulent project; Biconomynft.
Additionally, the scammer promised the man massive returns while defrauding him of more than $700,000 over several months. The investigation exposed how the scammer paid some money to the victims as profits from their invested funds.
By that, the scammer intends to gain the trust of their victim, convincing them to make more deposits. However, the fraudulent individual mostly locks the account and funds of their victims once they make a huge deposit to the platform, preventing them from withdrawing.
Similarly, the police also charged the second fraudster with a similar offense. After arresting the two fraudsters, a broader investigation linked three more individuals of similar age to the fraudulent syndicate.
Clampdown on Crypto Fraudsters
Romance and crypto investment scams have been on the rise in Vietnam of late. It is worth mentioning that the Vietnamese law enforcement agencies recently partnered with their counterparts from South Korea to dismantle another fraudulent group based in Vietnam.
As reported, the group has stolen more than $7.5 million from their victims. A local report explained how the gang has defrauded more than 230 persons through various means like package delivery messages, wedding invitations, and burial announcements.
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