Thanh Hoa Provincial Police recently charged and detained Mai Van Toi, 23, from Nga Son commune, along with 28 other suspects. They face investigation for the appropriation of property through computer and telecommunications networks.

In early 2023, Toi traveled to Cambodia, where he rented all 12 rooms on the 4th floor of a building in Bavet city, Svay Rieng province. This location served as the base for his high-tech scam operation. There, Toi collaborated with foreigners to operate a binary options financial and virtual currency trading platform called JPX. He also connected with a domestic group, recruiting staff and acquiring equipment.

Suspect Mai Van Toi. Photo: Lam Son

Toi's group enticed approximately 70 Vietnamese individuals to work in Cambodia with promises of "easy work, high pay". Their tasks included creating social media accounts, running advertisements, messaging potential victims, and luring them to invest via the website jpx-exchange.com.

Colonel Le Ngoc Anh, Deputy Director of Thanh Hoa Provincial Police, stated that Toi's transnational scam operation developed a sophisticated four-step process. Initially, the group focused on "catching clients" by using fake social media accounts to approach and advise on investments. This was followed by "nurturing clients," where victims were allowed small wins and real withdrawals to build trust.

Once "hooked," investors were added to private groups on the Telegram application, where "decoys" encouraged them to invest larger sums. When the invested amount was substantial, Toi would instruct staff to execute the "draining accounts" step. This involved manipulating the system to make accounts lose everything, or citing reasons such as incorrect transfer details, exceeding limits, or frozen funds. Following this, the group would cut off communication to appropriate the money.

The group of suspects arrested by police. Photo: Lam Son

In mid-November, after lengthy reconnaissance, Thanh Hoa Police mobilized over 100 officers to simultaneously crack down on the case. They summoned Toi and 28 suspects. Investigators identified thousands of victims involved in the ring. The total misappropriated amount is estimated at trillions of dong, with 200 billion dong alone taken between 23/6 and 18/7 through 20 bank accounts.

Authorities are continuing to pursue suspects abroad and have issued notices to find victims for investigation and asset recovery.

Police advise the public not to participate in unlicensed financial or virtual currency exchanges and to be wary of high-interest offers. If fraud is suspected, report it immediately to the police.

Le Hoang