On the afternoon of 27/2, Hoang Trong Vy, 41, from Quang Ngai, was convicted by the Ho Chi Minh City People's Court of "using computer networks, telecommunication networks, and electronic means to appropriate property".

In connection with the case, 30 other defendants received sentences ranging from two years suspended to 14 years in prison for the same offense.

According to the Trial Panel, Tran Van Xuan and Hoang Trong Vy orchestrated and directed the other defendants in the criminal acts. Both were held responsible for the entire 24 billion VND appropriated. However, as Xuan is currently at large, the court ordered Vy to compensate the victims for the full amount. Vy retains the right to sue Xuan to recover the portion for which Xuan is responsible.

Vy and his accomplices have since compensated all victims for the damages incurred.

_Defendant Hoang Trong Vy (front right) and his accomplices in court. Photo: Hai Duyen_

The verdict stated that in February 2022, recognizing a demand from credit cardholders for cash withdrawals, Tran Van Xuan discussed with Hoang Trong Vy about jointly investing to establish TVX Group. The company's purpose was to provide cash withdrawal consulting. Xuan served as director and legal representative, overseeing general operations. Vy acted as deputy finance director, responsible for advancing funds to customer accounts, settling expenses, and distributing profits.

To execute their plan, the group leased office space, purchased data of credit card users, registered or leased virtual stores on electronic payment gateways, set up a Customer Relationship Management (CRM) website, and organized a team comprising IT personnel, team leaders, and telesales staff.

The operation was structured like a professional financial call center. Employees received a fixed salary of 3 million VND per month, plus a commission of 5-5.5% based on disbursement volume.

The defendants' scheme involved a closed process for converting funds from credit card accounts to ATM cards, executed in three steps.

Step one: Telesales staff contacted customers, impersonating bank employees. They introduced a program allowing customers to withdraw 75% of their credit card limit to an ATM account, free of charge, with an installment payment option. If a customer agreed, the staff requested their card number, expiry date, CVV code, and the receiving account number.

Step two: Using this information, a team leader created a fictitious payment transaction on a pre-registered online store. When the banking system sent a one-time password (OTP) to the cardholder's phone, the team leader called the customer again, requesting the OTP under the guise of "completing the disbursement procedure." This was the critical moment for the appropriation. Once the OTP was provided, the transaction was confirmed, and money was immediately deducted from the customer's credit card limit and transferred to an account controlled by the defendants.

Step three: After receiving funds from the payment gateway, Vy transferred approximately 75% of the money to the customer's ATM account, retaining about 25% for appropriation. If customers questioned the discrepancy, the defendants explained it as an installment payment that the bank would refund after settlement. Following this, they blocked all communication with the victims.

By the time the operation was discovered in December 2022, the group had conducted over 7,000 transactions, totaling 136 billion VND. They returned 112 billion VND to customers and appropriated 24 billion VND.