On 30/3, the Thanh Hoa Provincial Police Criminal Investigation Department temporarily detained Xiang Guoquan, also known as Sky (43), along with Vo Tan Hiep (30) from Da Nang and Tran Viet Huy (28) from Khanh Hoa. They are being investigated for fraudulent appropriation of property.

Authorities allege this was an organized and sophisticated fraud ring, involving both foreign and domestic individuals.

Three suspects: Xiang Guoquan, Tran Viet Huy, Vo Tan Hiep (from left to right). *Photo: Lam Son*

The group is accused of defrauding thousands of people nationwide, appropriating tens of billions of dong between September and November 2025.

The investigation reveals that around March 2025, Xiang Guoquan met Vo Tan Hiep and Tran Viet Huy. They agreed to create an e-commerce platform called "Merry Trade" to attract investors. The group developed a "Merry Trade" smartphone application, promoting it as an online goods trading platform.

To bolster credibility, they established Merry Global Co., Ltd. in Da Nang, with Huy listed as director. The company announced a charter capital of 10 billion dong and was located in a central area.

However, according to investigators, "Merry Trade"'s entire operation was a fraudulent scheme. The accumulated points within the application were system-generated and not linked to any real product transactions.

To lure victims, the ring organized numerous workshops at major hotels in various localities. Individuals posed as "leaders," promoting the platform's potential and promising high returns. Participants were instructed to deposit money using USDT (a cryptocurrency) to convert it into points within the application.

In the initial stage, players could withdraw a small amount of money, which served to build trust. However, once larger sums were deposited, the system would present reasons such as "upgrades" or "technical errors" to lock accounts, thereby appropriating the funds.

One victim, Ms. Pham from Thanh Hoa, reported investing 15,000 USDT (approximately 378 million dong) with the expectation of opening a representative office. After depositing the money, she found she could not withdraw funds, her application was locked, contact groups were deleted, and she lost communication with the operating system.

Lead suspect Xiang Guoquan at the investigation agency. *Photo: Lam Son*

Authorities accuse Xiang Guoquan and his accomplices of employing various sophisticated methods to conceal their activities. These included using international e-wallets, foreign domain names, and deleting data from social media groups after appropriating assets. Despite these efforts, the police gathered sufficient evidence, clarifying the role of each link in the network.

Investigators also determined that Merry Global Co., Ltd. had not registered its e-commerce operations as required by regulations. The website, operating under an international domain, also failed to complete the necessary legal procedures in Vietnam.

Seized exhibits. *Photo: Lam Son*

The Thanh Hoa Provincial Police recognize this case as a warning about fraud disguised as e-commerce investment, particularly models involving virtual currency and promises of high profits. The public needs to exercise caution with applications and websites not licensed by authorities, and avoid participating in schemes showing signs of multi-level marketing or requiring virtual currency transfers.

The investigation is being expanded. Police urge individuals who participated in the "Merry Trade" virtual currency platform or are linked to Merry Global Co., Ltd. to contact them promptly to assist in resolving the case.

Le Hoang