On 23/9, Huynh Long Nhu, 32, and 42 accomplices stood trial in Ho Chi Minh City People's Court for organizing gambling and gambling. Nhu, his younger brother Huynh Long Tu, 27, his younger sister Huynh Thi Ha Tay, and 9 others face charges on both counts. Nhu’s older brother, Huynh Long Bach, 34, and 20 others are accused of organizing gambling.

While the indictment doesn't state the total amount gambled, prior investigations revealed the amount wagered was exceptionally large—approximately USD 3.8 billion (nearly 88 trillion VND). This is the largest cryptocurrency gambling ring ever dismantled and prosecuted in Vietnam. Nhu led and managed the operation, and had planned to flee the country when the police investigation began, but was unsuccessful.

Huynh Long Nhu at the time of his arrest. Photo: Tuong Van

Huynh Long Nhu at the time of his arrest. Photo: Tuong Van

The brothers exploited the legal gray area surrounding cryptocurrencies like USDT to establish a tech company and recruit participants for their online gambling ring. They hired IT specialists, including foreigners, to design two websites: Swiftonline.live and Nagaclubs.com (linked to Evolution.com). They also rented an overseas gaming portal to host the gambling activities.

Nhu directly managed Swiftonline.live, while Bach oversaw Nagaclubs.com. Since early 2020, the two sites attracted about 25 million accounts, with Nhu's ring alone boasting nearly 20,000. The group frequently changed domain names to evade authorities. They also solicited investments using a multi-level marketing model, promising daily returns of 1-1.5%, guaranteeing refunds for losses, and offering commissions for referrals.

Players received instructions through Telegram groups. They had to purchase USDT on platforms like Remitano or Binance, or from other individuals, and then transfer it to their Swiftonline.live e-wallet. Each account needed a minimum of 20 USDT to participate. To withdraw winnings or cease playing, players could transfer USDT back to their wallets on international exchanges or trade amongst themselves, then exchange it for Vietnamese dong. However, the system only allowed withdrawals for accounts with 20 USDT or more.

Some of the defendants in the gambling ring at the time of their arrest. Image from police video

Some of the defendants in the gambling ring at the time of their arrest. Image from police video

Similarly, on Nagaclubs.com, players created accounts and used Vietnamese dong to purchase ETH or USDT, depositing it into the website's e-wallet. The Nagaclubs.com system automatically converted these into Naga for gambling (1 Naga = 10 USDT).

Nagaclubs.com also operated on a multi-level marketing structure, where players could both gamble and recruit others to earn commissions. The ring had 10 agent levels, from VIP 1 to VIP 10, based on the number of member accounts and the amount gambled. Naga automatically paid commissions to agents in cryptocurrency through their gaming accounts.

Huynh Thi Ha Tay and Huynh Long Tu assisted Nhu and Bach while also gambling themselves. They created betting accounts, recruited players for commissions, and participated in groups to guide other players.

Prosecutors determined that Huynh Long Nhu profited approximately 53 billion VND, while Huynh Long Bach earned over 44 billion VND (equivalent to USD 2.54 million). These funds were laundered through real estate and vehicle purchases, and transfers abroad.

Cars seized by police as evidence in the case. Photo: Tuong Van

Cars seized by police as evidence in the case. Photo: Tuong Van

Authorities seized various electronic devices, nearly 3 billion VND, over USD 19,000, AUD 40,000, six Mercedes and Peugeot cars (worth over 20 billion VND), numerous land-use right certificates, receipts, and land purchase deposit contracts.

An Indian man, identified as the kingpin of the operation, and other suspects remain at large. The investigation is ongoing to locate and prosecute them. The trial is expected to last several days.

Hai Duyen