In a significant crackdown on fraudulent activities in the virtual currency sector, Hanoi City Police have successfully dismantled several illegal trading platforms. These platforms were found to be involved in scams that deceived unsuspecting investors, leading to the arrest of key individuals and the confiscation of assets valued at billions of Vietnamese Dong (VND).
Ongoing Threats Despite Warnings
Despite repeated alerts issued by law enforcement agencies, urging the public to exercise caution and avoid falling prey to these illicit operations, many individuals continue to be targeted by such scams. According to a report by VTV, the persistence of these fraudulent activities highlights the need for increased public awareness and vigilance.
The Investigation Unfolds
During an in-depth investigation, the Hanoi City Police uncovered a scheme orchestrated by Trieu Nu Cuoi Company. The company had planned to host a large-scale conference for 300 potential investors at Bao Son Paradise, located in An Khanh Commune, Hoai Duc District, Hanoi. This event was scheduled for December 24, 2024. Acting swiftly, the police conducted a thorough search of the company’s premises, seizing numerous items, including critical documents and electronic devices.
Deceptive Marketing Tactics
Initial findings revealed that Trieu Nu Cuoi Company had been actively promoting a virtual currency known as QFS coins. What set their marketing efforts apart was the incorporation of spiritual elements, aimed at enticing potential investors. The total revenue from these promotional activities was estimated to be around 30 billion VND. Authorities intervened just in time to prevent the company from persuading individuals to invest amounts ranging from 4 million to 39 million VND (approximately $190 to $1,350) at these gatherings.
Public Notice and Advisory
The Investigation Security Agency of the Hanoi City Police has issued a public notice, encouraging anyone affected by these fraudulent schemes to come forward. Victims are urged to promptly contact the agency to ensure their rights and interests are safeguarded according to legal procedures. This proactive approach aims to provide resolution and justice for those who have suffered losses.
Protecting Yourself from Virtual Currency Scams
In light of this case, the Investigation Security Agency reiterates the importance of conducting thorough research and verification before investing in virtual currencies. Potential investors are warned to remain skeptical of unfounded promotional offers, as they could result in exchanging real money for virtual assets, leading to significant financial losses. Staying informed and cautious can help individuals protect themselves from falling victim to similar scams in the future.
