Crime Interpol Wanted Vietnamese Woman Arrested in Bangkok Over $300M Crypto Scam

[snoop1130]

Picture courtesy of Vietnam News

 

A 30-year-old Vietnamese woman, sought by Interpol for her role in a massive cryptocurrency scam, has been arrested in Bangkok, Thailand. Known as “Madam Ngo,” Ngo Thi Theu is accused of being a central figure in an investment fraud that deceived over 2,600 victims, resulting in losses amounting to approximately US$300 million.

 

The Thai Crime Suppression Division (CSD) apprehended Theu last Friday at a hotel in the Klong Tan Nuea area of Bangkok. She was wanted under an Interpol Red Notice and a warrant from Vietnamese authorities for concealing criminal activities.

 

Vietnamese authorities identified Theu as a key player in a sophisticated network that enticed people into investing in fake cryptocurrency and foreign exchange trading platforms. The group lured investors by promising attractive monthly returns of 20-30%, leveraging the influence of celebrities and social media personalities to gain credibility and attract unsuspecting individuals.

 

The scam involved elaborate tactics, including seminars and advertisements promising low-risk, high-return opportunities. Participants were encouraged to recruit others, earning commissions in a setup reminiscent of a pyramid scheme. Initially, early investors were able to withdraw small profits to build trust, but communication was severed after larger sums were deposited.

 

The operation, reportedly led by a Turkish national, involved 35 Vietnamese accomplices and over 1,000 employees operating 44 fraudulent call centres across major cities in Việt Nam—such as Hà Nội, HCM City, Đà Nẵng, and Hội An—as well as in Phnom Penh, Cambodia.

 

While evading capture, Theu continued to channel funds through mule accounts in Việt Nam, transferring them to accomplices in Thailand and withdrawing large cash amounts of around 1 million baht ($30,800) subtly to avoid detection.

 

Theu is currently in custody awaiting extradition back to Việt Nam to face charges for her role in the scam.

 

This scam is an example of a Ponzi or pyramid scheme, where new investors are essential for paying earlier ones, and the system collapses once new investments dwindle, leaving participants with substantial financial losses.

 

Trần Huyền Dinh, chairman of the Digital Assets - Fintech Committee under the Việt Nam Blockchain Association, points out that such scams often involve counterfeit tokens, "honey pot" traps, and "rug pulls," among other tactics, which can easily trap even cautious investors.

 

With Việt Nam expecting over 17 million crypto asset holders by 2024, experts emphasize the importance of educating investors on recognising and avoiding fraud, to better protect their investments amidst a complex and ever-evolving landscape.

 

  Adapted by ASEAN Now from Vietnam News 2025-05-27

 

 

[Dave0206]

20 to 30% returns on a low risk venture yes that's sounds about right ? I forget that old saying if it sounds too good to be true ect ect ect

[Dave0206]

At least in America you get a burnt steak and chips for your " investment " of a million upwards