On 15/9, the Criminal Police Department (C02) of the Ministry of Public Security announced that the Hanoi Police Department has initiated legal proceedings against five individuals: Bui Quang Minh, 34; Nguyen Trong Ngoc, 37; Le Van Thanh, 37; Nguyen Thanh Phuoc, 46; and Dong Thi Kim Dung, 52. They are being investigated for property fraud.
 |
Bui Quang Minh at the time of his arrest. Photo: Provided by the police |
According to C02, in early March, Minh, along with Ngoc and Thanh, developed the software for a fraudulent cryptocurrency project called WorldMall.app (VM coin). To gain the trust of potential investors, they fabricated information about the World Mall project, claiming it was developed by a global e-commerce corporation based in Dubai, UAE.
They also falsely advertised that VM coin had an experienced, foreign CEO leading its development team. Investors were promised substantial profits with USDT savings packages offering interest rates from 8% to 21% per year.
Regarding NFT trading, they deceived investors by promising monthly profits of 30-150%, daily growth of 8%, commission from recruiting new participants through a multi-level marketing model, and free VM coin training. To pressure potential victims into investing, the group repeatedly claimed that VM coin was about to be listed on international exchanges, with a projected value increase from 1 USD to 100 USD.
 |
The fraudulent WorldMall ecosystem. Photo: Provided by the police |
The head of C02's Serious Crimes Division stated that to boost publicity and credibility, the group created fake CEOs to host seminars and livestream sessions. Their targets were individuals unfamiliar with technology and digital currencies, primarily middle-aged people eager to invest.
Through these sophisticated tactics, the group quickly attracted thousands of participants, amassing billions of Vietnamese dong.
"One investor bought 20,000 USD. Upon discovering the scam, this individual remained in the network, becoming a team leader to recruit other victims, hoping to recoup their losses," the head of the Serious Crimes Division revealed.
