Crime CIB Arrests Vietnamese Red Notice Suspect in $300 Million Forex Scam

[Georgealbert]

 

Pictures courtesy of CIB.

 

The Central Investigation Bureau (CIB) has arrested three Vietnamese nationals, including a woman wanted on an Interpol Red Notice, in connection with a large-scale investment scam that defrauded over 2,600 Vietnamese victims of more than USD 300 million.

 

The arrests were carried out by officers from the Crime Suppression Division (CSD), led by Police Lieutenant Colonel Kittiphop Thongphet, Police Lieutenant Colonel Sarawut Thongnoi, and Police Lieutenant Colonel Phatthasaphong Saneesansena, at a hotel in Khlong Tan Nuea, Bangkok.

 

The suspects were named as:

 

1. Ms NGO, 30, the subject of an Interpol Red Notice dated 10 December 2024, wanted for the offence of misprision (failure to report a crime).

 

2. Mr Ta, 38, arrested for overstaying his visa.

 

3. Mr Trong, 41, also arrested for overstaying his visa.

The arrests followed a request for cooperation from Vietnamese authorities, who had been investigating a criminal syndicate behind a fraudulent investment scheme targeting Vietnamese nationals. The gang lured victims with promises of high monthly returns (20%-30%) on foreign exchange (Forex) and cryptocurrency trading via fake trading platforms. Victims were initially allowed to withdraw small sums to build trust, before being encouraged to invest larger amounts. Once the funds were transferred, contact would be abruptly cut off.

 

The transnational operation, led by a Turkish national and 35 Vietnamese accomplices, operated as a highly organised criminal enterprise. It ran 44 fraudulent “investment centres” across Vietnam, with more than 1,000 staff in cities including Hanoi, Ho Chi Minh City, Da Nang, Hoi An and others. The network also maintained a presence in Phnom Penh, Cambodia.

 

Vietnamese police identified Ms NGO as a key figure in the scheme and issued warrant No. 20647/QĐTN-CSHS on 10 December 2024. Interpol subsequently issued Red Notice A2159/2-2025. It was discovered she had fled to Thailand, prompting cooperation between the Thai Royal Police and the Vietnamese Embassy to locate and arrest her.

 

CSD officers and immigration officials traced her to a Bangkok hotel, where she was found with Mr Ta and Mr Trong, who claimed to be her bodyguards. Both men were arrested for residing in Thailand illegally. Further investigations revealed that Ms NGO had been receiving large sums of cash, around one million baht at a time, from associates in Thailand, using mule accounts in Vietnam to circumvent financial scrutiny.

 

During questioning, Ms NGO admitted to her involvement in the scheme. She stated that the proceeds were laundered into real estate ventures in Vietnam. Funds for her personal use in Thailand were smuggled in through complex currency exchange methods to avoid detection by Thai authorities.

 

All three suspects confessed to the charges and are being held pending extradition proceedings. Ms NGO will be handed over to Vietnamese authorities to face prosecution.

 

 

  Adapted by Asean Now from Workpoint 2025-05-25.