Vietnam police bust Chinese-led int’l fraud ring that scammed victims out of $72mn
Monday, January 27, 2025, 10:55 GMT+7
Police in Da Nang City, central Vietnam have dismantled a Chinese-led international fraud and money laundering ring that defrauded more than 800 Vietnamese victims of nearly US$72 million.
The municipal police department announced on Sunday that they had arrested six suspects, including 43-year-old Zhangmao, a Chinese national and one of the masterminds of the fraud ring.
Zhangmao’s five Vietnamese accomplices have been identified as 31-year-old H.T.T. from Thai Nguyen Province, 22-year-old P.T.K. from Thanh Hoa Province, 24-year-old N.Q.T. from Hue City, 21-year-old N.T.N.A. from Thai Binh Province, and 34-year-old T.D.C. from Ho Chi Minh City.
All six detainees have been charged with fraudulent appropriation of assets and money laundering under the Vietnamese Penal Code, according to a police report.
The transnational gang began operating in August 2024 and targeted over 800 Vietnamese victims, fraudulently appropriating nearly VND1.8 trillion ($72 million) before being brought down.
Investigators revealed that the criminal network operated under the guise of a company named DH889, located in the Kim Sa 2 area of Cambodia.
The company, managed by several Chinese nationals, employed many Vietnamese workers to carry out its schemes.
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| A Vietnamese police officer in Da Nang City, central Vietnam is seen questioning a woman who is one of the five Vietnamese suspects involved in a Chinese-led international fraud ring. Photo: H.B. |
The syndicate used various methods to con victims, including fraudulent investment apps, dating apps, TikTok, and hacking the victims' Telegram accounts.
One victim from Da Nang alone was scammed out of VND5 billion ($200,000).
DH889 also employed sophisticated methods to launder money obtained from its scams and from other criminal rackets operating in the Kim Sa 2 area.
The Vietnamese suspects who traveled to Cambodia to work for DH889 were aware they were part of a fraud organization.
To avoid detection, they concealed their identities and used aliases during their employment.
This tactic created significant challenges for investigators in verifying the suspects' identities and uncovering their activities.
The Da Nang police department is continuing its investigation to identify and apprehend additional suspects connected to the case.
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