Police in Da Nang City have initiated legal proceedings and detained Pham Thi My Tuyet, 29, for allegedly defrauding a man of over 700 million VND through a bogus cosmetic business investment scheme. Tuyet, a resident of Hue City, was taken into custody on 24/6 for property appropriation fraud, according to the Da Nang City Police Investigation Office.

Suspect Pham Thi My Tuyet at the police station. Photo: Thanh Huynh

Investigators revealed that Tuyet devised the fraudulent scheme between October and November 2024 after incurring significant losses from cryptocurrency investments. Leveraging her acquaintance with Nguyen Van Tay, Tuyet falsely claimed to own shares in Global Group Company. She then enticed him to invest in a supposed cosmetics business, promising lucrative returns of 7-8% per month. Believing her claims, Tay made multiple money transfers to Tuyet.

Between 19 and 22/11/2024, Tuyet escalated her deception. She fabricated a story about a cosmetic shipment being seized by market management forces in Hue and facing back tax demands from authorities. She claimed she needed funds to "resolve" these issues and recover the goods. Consequently, Tay transferred an additional 700 million VND to Tuyet in several transactions.

Tuyet used all the embezzled funds for cryptocurrency investments, resulting in complete losses.

During questioning, Tuyet initially denied the charges, repeatedly changing her testimony. She attempted to deflect blame by asserting that all text messages exchanged with the victim were made under Tay's direction. However, she eventually confessed to her fraudulent activities.

Police are currently consolidating the case file and expanding the investigation.

Ngoc Truong