Vietnam-based gang promoted fraudulent crypto and forex investments to 2,600 victims
A Vietnamese woman wanted by Interpol for cryptocurrency and forex investment scams that defrauded over 2,000 Vietnamese victims of about US$300 million has been arrested in Bangkok along with two bodyguards.
Crime Suppression Division (CSD) police apprehended Ngo Thi Theu, alias “Madam Ngo”, 30, at a hotel in the Klong Tan Nuea area of Watthana district on Friday.
She was wanted under an Interpol Red Notice and an arrest warrant by Hanoi police on charges of misprision, or concealment of a felony, Pol Maj Gen Wittaya Sriprasertparb, the CSD commander, said on Saturday.
Vietnamese authorities say Ngo Thi Theu was a key figure in a criminal network that duped Vietnamese nationals into fraudulent investments via forex and cryptocurrency trading platforms.
“Madam Ngo” and her accomplices promised monthly returns of 20-30% to entice victims and hired celebrities or well-known influencers to persuade people into investing with them.
Victims were invited to attend seminars that falsely claimed investments were risk-free and offered quick returns. Those who could recruit other people to invest would receive commission fees — similar to a pyramid scheme, said the CSD commander.
Initially, victims were allowed to withdraw small profits to build trust. Once larger investments were made, the perpetrators could not be contacted. More than 2,600 people fell victim to the scam network, losing at least $300 million in total.
Investigations revealed that the operation was led by a Turkish national and involved 35 Vietnamese co-conspirators. The network had 44 offices across Vietnam, including in Hanoi, Ho Chi Minh City, Da Nang, Hoi An and other major cities.
The organisation employed more than 1,000 staff and also extended its operations in Phnom Penh in Cambodia, said Pol Maj Gen Wittaya.
Vietnamese police later learned that Ms Theu had fled to Thailand. They then coordinated with Thai authorities to help arrest her.
Two bodyguards of the Vietnamese suspect are also in custody. (Photo supplied/Wassayos Ngamkham)
CSD police and immigration officers tracked the suspect to a Bangkok hotel, where she was arrested along with two Vietnamese men — Ta Dinh Phuoc, 38, and Trong Khuyen Trong, 41 — who were her bodyguards. All were charged with overstaying their visas. They were later taken to the Klong Tan police station.
During questioning, the Vietnamese woman confessed to promoting fraudulent investments, according to police. Most of the money swindled from victims went to the ringleader, while her share was laundered through real estate investments in Vietnam, she said.
While in hiding in Thailand, she received money via mule accounts in Vietnam, which were transferred to Vietnamese nationals in Thailand and withdrawn in cash — about 1 million baht per transaction — to avoid detection.
Ms Theu is being held in police custody pending extradition to Vietnam.
