A police reads the decision to temporarily detain Mai Minh Tấn. — VNA/VNS Photo

ĐẮK LẮK — The Investigation Police Agency of the Central Highlands' Đắk Lắk Province has announced the emergency detention and criminal custody of two suspects. The individuals are under investigation for alleged fraud and misappropriation of property amounting to an estimated VNĐ1.275 trillion ($48.4 million).

The suspects are identified as Mai Minh Tấn, 30, a resident of Hiệp Thịnh Hamlet, Ea M’Droh Commune, Đắk Lắk Province; and Trần Quang Út, 39, from Lộc Thái Hamlet, Phù Mỹ Bắc Commune, Gia Lai Province.

Initial investigations showed that in April 2024, seeking money for personal spending, Tấn and Út hired individuals to create a project known as KAYPLE, which they used as a front to defraud investors by calling for investment in a cryptocurrency named KAY.

By early September 2024, the KAYPLE project was officially launched.

Investigators said the project did not exist in reality.

However, the suspects promoted it as an advanced blockchain ecosystem integrating a decentralised exchange and a gaming platform, featuring artificial intelligence–powered automated trading, cross-chain compatibility and a “sustainable” in-game economy.

These claims were intended to inflate the perceived value of the KAY token, with assurances that the system would automatically generate interest based on the amount invested.

The suspects also claimed that KAYPLE had been established overseas and was attracting a large number of investors worldwide.

They told potential investors that only seven million KAY tokens were in circulation, creating artificial scarcity and suggesting that the token’s value would rise continuously, promising substantial profits for early participants.

To further build trust, the group organised seminars and online meetings, and set up Zalo and Telegram groups to post images and figures showing supposed monthly profits from investing in the project.

Tấn and Út also hired a network of so-called “leaders” to promote the scheme in areas including HCM City, Đắk Lắk Province and former Bình Dương Province.

The “leaders” were tasked with recruiting investors, promoting the project and guiding victims through the investment process.

They were paid weekly by Tấn and Út using money taken from investors.

Police said all funds invested in the KAYPLE project were transferred to cryptocurrency wallets managed by Tấn.

The money was then misappropriated by Tấn, Út and the “leader” network for personal use.

The balances displayed in victims’ KAYPLE wallets were entirely fictitious, generated by the suspects’ programming to create the illusion of legitimate and profitable investments.

By late August 2025, after the stolen funds had been exhausted and no new investors were joining, Tấn and Út allegedly agreed to shut down the system, preventing victims from logging into the platform.

They informed investors that the overseas project was undergoing maintenance.

The suspects then gradually reduced the value of the KAY token to make victims believe their investments had suffered losses, in an apparent attempt to deter them from reporting the case to authorities.

Using these methods, from September 2024 to August 2025, more than 4,000 investment wallets were created, with a total of approximately VNĐ1.275 trillion ($48.4 million) misappropriated and used for personal spending, police said.

The police said it has now identified the entire criminal network led by Tấn and Út and has arrested eight additional suspects in connection with the case.

They include Nguyễn Việt Phương, 40, Trần Tấn Cường, 32 (both from Đắk Lắk Province); Nguyễn Văn Sang, 36, Trần Văn Tứ, 40, Đinh Văn Giới, 43 Đoàn Nguyễn Đăng Khoa, 39 (all from HCM City); Lê Minh Hiệp, 38 (Khánh Hòa Province); and Đào Thanh Phong, 44 (Vĩnh Long Province).

The police have urged anyone who invested in the KAYPLE project and believes they may be a victim to contact the Investigation Police Agency at 457 Lê Duẩn Street, Bình Kiến Ward, Đắk Lắk Province, to provide relevant information and documents. — VNS