Fraud ring impersonating Nasdaq busted in Vietnam…7 arrested

Uk Jin

Summary

Vietnam’s public security authorities said they arrested seven people for running a fake investment platform impersonating the U.S. stock exchange Nasdaq and carrying out cryptoasset (cryptocurrency) investment fraud.
They allegedly operated numerous fake accounts on Telegram and Zalo, posing as investment experts, and lured investors with false profit proof and manipulated transaction records.
The proceeds were laundered by passing through multiple bank accounts before being converted into cryptoassets, with losses estimated at about 14 billion dong (about $530,000).

Stolen funds laundered into cryptoassets

Vietnamese police have arrested a group that ran a fake investment platform impersonating the U.S. stock exchange Nasdaq, carrying out cryptocurrency investment scams.

According to crypto-focused outlet Cryptopolitan on the 18th (Korea time), Vietnam’s public security authorities said Da Nang police have detained and are investigating seven Vietnamese nationals, including Nguyen Van Chung, on suspicion of fraud using computer telecommunications networks.

Local police said the group operated out of the Bavet area near the Cambodian border, where they set up a bogus Nasdaq investment site and allegedly conducted organized fraud targeting investors in Vietnam. Verified losses so far total about 14 billion dong (about $530,000).

The investigation gained momentum after a victim living in the An Khe area of Da Nang reported that they “invested in digital assets on a trading platform called Nasdaq and lost a large sum.”

The ring is believed to have operated numerous fake accounts on Telegram and Zalo, posing as investment experts, and luring victims by posting fabricated profit “proof” and manipulated transaction records. The proceeds were laundered by moving through multiple bank accounts before being converted into cryptoassets.

During searches, police seized USB storage devices containing crime scripts, along with mobile phones, laptops and tablet PCs. They also confiscated 5.2 billion dong in cash, foreign currency, six land ownership certificates, and dozens of gold rings.