The People's Procuracy of Ho Chi Minh City recently completed an indictment detailing the actions of Dang Thi Thuong (30), Do Hoai Thuong (34), and Nguyen Thi Ngoc Mai (28), prosecuting them for property fraud.
Tran Hai Anh, the general manager and ringleader of the ACX exchange, is currently a fugitive. The investigating agency has therefore separated his case for later processing.
The indictment states that online international stock exchange investment activities are not currently licensed or recognized under Vietnamese law.
Despite this, Tran Hai Anh and his unidentified accomplices established and managed numerous websites linked to online trading platforms. They presented these as international forex and stock exchanges, using English names designed to mimic reputable platforms. The group also set up three shell companies with registered offices in Thanh My Tay ward, intending to legitimize funds received from investors, though these entities were not genuinely operational at those locations.
Hai Anh managed and operated these companies, hiring Dang Thi Thuong as the customer care team manager, alongside two employees, Do Hoai Thuong and Nguyen Thi Ngoc Mai. Their primary task was to entice investors to join the ACX stock exchange, a completely fabricated platform.
The group then instructed employees to use pre-prepared scripts to advise and entice customers into opening accounts and transferring funds to accounts designated by Hai Anh and his accomplices.
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Pho Duc Nam at the investigating agency. Photo: Provided by police. |
According to the People's Procuracy, the websites created by Hai Anh and his accomplices were merely pre-programmed simulations, with no actual connection to international stock markets. Investors were, in reality, only trading directly with the exchange operators and their associates. When customers incurred losses, the defendants embezzled the entire sum.
Hai Anh, Dang Thi Thuong, Do Hoai Thuong, and Nguyen Thi Ngoc Mai impersonated ACX customer service staff. They provided fake name tags, documents, and information about stock codes, advertising them as having high-profit potential to lure investors.
To build trust, Hai Anh instructed employees to allow customers to win a few small trades and successfully withdraw funds. Subsequently, their information was passed to the customer service department, where they were introduced to a "specialist" for private consultation. These specialists would then entice them to deposit more money and place continuous trading orders, ultimately designed to accumulate fees or lead to account losses.
Once victims deposited additional funds, the system would typically declare their accounts "burned out," resulting in the loss of all capital and any displayed profits on the exchange.
The prosecuting authority determined that, through these tactics, Tran Hai Anh and Dang Thi Thuong either directly or through accomplices embezzled a total of over 1.7 billion VND from three victims.
During the investigation, the defendants admitted their criminal acts. Specifically, Dang Thi Thuong stated she worked under Tran Hai Anh's direction and had met Pho Duc Nam (Mr Pips), who was introduced as Hai Anh's "superior." However, she claimed to be unaware of the precise nature of the relationship between the two.
Pho Duc Nam is currently under legal proceedings and temporary detention by the Investigation Police Agency of Hanoi Police for property fraud. Ho Chi Minh City Police continue their investigation to clarify the matter and process it according to regulations.
Hai Duyen
