On 16/8, Phu Tho Province Police announced that the Security Investigation Agency had prosecuted Nguyen Chanh Dang, 39, residing in Ho Chi Minh City; Doan Van Manh, 32, residing in Phu Tho Province; and Tran Minh Nhat, 48, residing in Ho Chi Minh City, for violating regulations on multi-level marketing, according to Article 217a of the Penal Code.
Police have recovered over 30 billion VND, more than 50% of the fraudulent funds.
On 9/8, the Director of Phu Tho Province Police led a task force to raid Dang's seminar held at Ao Vua Tourist Area, Suoi Hai Commune, Hanoi. Over 200 individuals were being lured into the scheme through exaggerated advertising.
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Director of Phu Tho Province Police taking testimony from Nguyen Chanh Dang (white shirt, left). Photo: Police provided |
Director of Phu Tho Province Police taking testimony from Nguyen Chanh Dang (white shirt, left). Photo: Police provided
Dang, the mastermind, hired individuals to create the website tcis.ai and the TCIS digital currency to raise capital from investors. On the website, Dang posted information about TCIS Technology Company, supposedly operating in computer technology in Canada, with a representative office in Hanoi.
According to authorities, Dang's group created the TCIS digital currency, which has no real value. They hired foreigners to pose as successful entrepreneurs and present at seminars and group meetings in various provinces and cities.
Dang advertised extensively, claiming to be researching quantum computing, Blockchain, and developing the TCIS token with a value hundreds or thousands of times its initial price. In reality, Dang had no connection with TCIS Technology Company in Canada and no authorized representative office in Vietnam.
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Phu Tho Province Police raided the seminar on 9/8. Photo: Police provided |
Phu Tho Province Police raided the seminar on 9/8. Photo: Police provided
Police determined that the scheme had been operating since June 2024 and had lured thousands of people into opening over 4,000 accounts. Dang used investors' TCIS funds to pay previous investors, creating a pyramid scheme.
The total investment amounted to over two million USDT, equivalent to over 50 billion VND. Dang used the misappropriated funds for Forex and cryptocurrency trading.
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The advertised seminar featured foreigners posing as successful entrepreneurs. Photo: Police provided |
The advertised seminar featured foreigners posing as successful entrepreneurs. Photo: Police provided
Phu Tho Province Police urge victims to report to the Security Investigation Agency to protect their rights. They also advise the public to be cautious of invitations to invest in digital currency with promises of high profits or disguised multi-level marketing schemes.
