Nguyễn Quốc Hùng at police station. — Photo from the Ministry of Public Security

ĐỒNG NAI — Police in the southern province of Đồng Nai have dismantled a major online fraud ring accused of swindling nearly VNĐ10 trillion (US$385.5 million) from tens of thousands of victims across the country.

The operation, led by Đồng Nai police with support from the Ministry of Public Security and local police in several areas, ended with coordinated raids across multiple provinces and cities on Wednesday.

Investigators said the suspects operated under the guise of a cryptocurrency investment platform called Matrix Chain (MTC), which they developed and promoted as a legitimate digital asset trading system. The suspects allegedly lured victims with promises of high profits and commissions, collecting investments from over 138,000 registered accounts.

Authorities identified Nguyễn Quốc Hùng, 40, and Bùi Thị Thanh Nga, 33, both from Hà Nội, as the masterminds of the operation. Other suspects arrested are Hồ Long Trí, 44, from HCM City, Đinh Hữu Hay, 33, from Bình Định Province and Thân Văn Hiệp, 42, from Đồng Nai Province.

According to initial findings, Hùng began planning the scheme in early 2023, contracting anonymous developers via Telegram to create the MTC trading software on the SafePal wallet platform and the B2B Smart Trade system, at a cost of US$20,000. He and Nga invested an initial VNĐ400 million to launch the operation.

Participants were required to deposit US$1 each into a “platform fee wallet”. Hùng and Nga allegedly used the funds to pay regional recruiters (40 per cent), cover marketing and event costs (five per cent), and pocket the remaining 55 per cent for personal use.

Authorities also allege that the pair manipulated MTC’s market value using a separate wallet containing 100 million MTC tokens, allowing them to extract funds from unsuspecting users.

To bolster credibility and attract more investors, Hùng and Nga regularly organised training sessions and promotional events. They built online communities across Telegram and Facebook, making extravagant promises of super profits and commissions.

The fraud ring reportedly raised more than US$394 million from Vietnamese investors. The money was funnelled through multiple decentralised SafePal wallets held under the names of Hùng, Nga, and Nga’s sister, Bùi Thị Thanh Hoa.

The funds were then exchanged via informal USD traders and used to acquire property in Hà Nội, Bắc Ninh, Hòa Bình, Hưng Yên, and Thái Nguyên. Most assets were registered under Nga and her parents.

Police have seized substantial evidence and continue to expand the investigation. — VNS