Vietnamese police crack down on cross-border scam case, over $530,000 USD illegally converted into cryptocurrency under the pressure of Vietnamese dong devaluation

According to Crypto Politan, Vietnamese police successfully arrested five suspects involved in operating a cryptocurrency fraud gang in the Da Nang area on January 18. This case reflects the international money laundering pressure faced by the Vietnamese dong in Southeast Asia, as well as the increasing prevalence of illegal cross-border activities utilizing cryptocurrencies. Police statements indicate that the criminal gang is based in Cambodia and operates professionally on a large scale.

Fake Nasdaq-based Transnational Telecom Fraud Gang

The core illegal method of this gang is carefully imitating the Nasdaq stock exchange to conduct large-scale scams by fabricating official identities. The criminals have embezzled victim funds totaling 14 billion VND (approximately $5,328,000). Shockingly, these offenders are equipped with robust telecommunications infrastructure and professional electronic devices, dispersing illegal activities across multiple residences in Da Nang to evade law enforcement monitoring. This decentralized, professional operational model demonstrates that the gang possesses considerable technical strength and organizational capability.

Fake Accounts to Trick Investors, Multi-Platform Collaboration

The criminals utilize instant messaging apps like Zalo and Telegram to create dozens of fake accounts on a large scale. They post forged trading information on these accounts, impersonate senior investment advisors and market analysts, falsely report investment returns and profit data, and deceive ordinary investors. This cross-platform, multi-account collaborative approach significantly increases scam efficiency and makes it more difficult for victims to identify the fraud. Victims often relax their vigilance when faced with seemingly genuine profit data, ultimately falling into financial traps.

Vietnamese Dong Money Laundering Chain: From Bank Accounts to Cryptocurrency

It is noteworthy that after illegally misappropriating funds, the criminals employ carefully designed money laundering schemes. These illicit funds, originating from the devaluation environment of the Vietnamese dong, are first dispersed into multiple bank accounts, then broken down through multi-layered transfers to disrupt the traceability of the funds. The final step involves converting these funds into cryptocurrencies like Bitcoin, leveraging blockchain anonymity and cross-border liquidity to thoroughly conceal the source of the money. This complete money laundering system not only demonstrates the professionalism of the criminal gang but also exposes the current risks faced by the cryptocurrency market—becoming a natural haven for illicit funds. The Vietnamese police’s recent operation reveals that Southeast Asia still needs to strengthen regulation in combating transnational financial crimes.