On 29/8, Huynh Long Nhu, 32, and 42 accomplices were indicted by the Ho Chi Minh City People’s Procuracy on charges of organizing gambling and gambling.

Nhu, his younger brother Huynh Long Tu, 27, his younger sister Huynh Thi Ha Tay, and 9 others face both charges. Nhu's other brother, Huynh Long Bach, 34, and 20 other defendants are accused of organizing gambling.

The Indian national, identified as the ringleader, and several other suspects remain at large. The investigation is ongoing.

The Nhu brothers were the leaders of this exceptionally large operation, which was dismantled in late 2021. After nearly 4 years of investigation and 15 supplemental inquiries, this is the first indictment from the People’s Procuracy.

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 indictment alleges that the Nhu brothers exploited the fact that Vietnamese law doesn't recognize USDT cryptocurrency for transactions and payments. They established technology companies and recruited numerous individuals, including foreign IT specialists, to design the websites Swiftonline.live and Nagaclubs.com (linked to the international betting platform Evolution.com). They also contracted with a foreign-based online gambling portal.

Nhu managed the operation through Swiftonline.live, while Bach oversaw Nagaclubs.com.

Since early 2020, these websites have attracted approximately 25 million accounts. Nhu’s operation alone had nearly 20,000 active accounts. To evade authorities, the group frequently changed domain names.

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

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

The group lured players with a multi-level marketing scheme involving cryptocurrency investments, promising daily returns of 1% to 1.5%. They offered insured bets, refunding losses, and commissions to existing players who recruited new members.

Members communicated through Telegram groups, managed by group leaders who scheduled playing times and provided instructions.

Gamblers created accounts on Swiftonline.live (one player could have multiple accounts) and used Vietnamese dong to purchase USDT (equivalent in value to USD) on platforms like Remintano and Binance, or directly from other players. They then transferred the USDT to their Swiftonline.live e-wallets.

The Swiftonline.live platform credited the USDT to the gaming accounts, allowing players to participate in various forms of online gambling. A minimum of 20 USDT was required to participate. Winners or those who wished to stop playing could withdraw their winnings by transferring USDT from Swiftonline.live back to their crypto wallets on platforms like Remitano and Binance, or by trading directly with other players and then selling the USDT for Vietnamese dong. However, Swiftonline.live only allowed withdrawals for accounts with a minimum balance of 20 USDT.

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

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

Similarly, players on Nagaclubs.com used Vietnamese dong to purchase ETH and USDT, which they deposited into their Nagaclubs.com e-wallets. The platform automatically converted these into Naga for gambling (1 Naga = 10 USDT). Nagaclubs.com also operated on a multi-level marketing model, where players both gambled and recruited new members.

The operation 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.

The investigation revealed that approximately $3.8 billion USD (87,612 billion dong) was gambled. Huynh Long Nhu profited approximately 53 billion dong, while Huynh Long Bach earned over 44 billion dong ($2.54 million USD). The profits were laundered through real estate and car purchases, and transfers abroad.

Hai Duyen