Phu Tho dismantles transnational organized crime group that swindled virtual currency worth billions of dollars

Major General Nguyen Minh Tuan, Director of Phu Tho Provincial Police, chaired the information session on a number of key cases that Phu Tho Police have cracked down on recently.

Through professional work, the Economic Security Department, Phu Tho Provincial Police discovered the activities of a group of subjects in Ho Chi Minh City who used websites such as: Fmcpay.com and Aff2024.com to register and activate investment packages for participants in an illegal multi-level model to receive referral commissions; then the subjects instructed participants to continue to attract others under their branches to receive commissions.

After receiving the information, on July 15, the functional forces of Phu Tho Provincial Police coordinated with the professional departments of the Ministry of Public Security and simultaneously solved the case at many locations in Phu Tho province, Hanoi and Ho Chi Minh City.

Initial investigation results determined that since 2021, Nguyen Van Ha, born in 1980, permanent residence in Phu Thu village, Phu My Bac commune, Gia Lai province, and his accomplices have programmed to create a virtual currency called Paynetcoin (PAYN) operating on the Blockchain platform, building a reward system according to the pyramid model (multi-level).

Evidence of the case has been seized by the authorities.

After registering to buy an investment package, participants will receive interest from 5% to 9% monthly according to the registration package from low to high. The subjects use PAYN currency to pay rewards to investors, this money will be used by investors to exchange for those who are holding PAYN cryptocurrency in need on the Fmcpay.com exchange into USDT cryptocurrency, which can then be exchanged for USD or VND.

Lieutenant Colonel Hoang Tung, Head of the Economic Security Department, Phu Tho Provincial Police, said that the subjects provided false information to the operators and participants of this virtual currency exchange that the exchange was registered in the US and that this cryptocurrency could be used to buy airline tickets and book hotel rooms, but no airline ticket or hotel agents accepted payment in PAYN cryptocurrency.

To develop the system and attract participants to buy PAYN coins, through referral relationships, Ha exchanged ideas with Phan Viet Lap, born in 1983, permanent residence at 161/1 Cong Hoa, Ward 14, Bay Hien Ward, Ho Chi Minh City and many other people to organize seminars and groups to develop the investment system.

Major General Nguyen Minh Tuan (sitting in the middle) directly questioned the suspects in the case.

Using sophisticated tricks, the group attracted thousands of participants, with a total amount of money raised reaching billions of USD.

Based on the investigation results, up to now, Phu Tho Provincial Police have initiated a case and prosecuted 20 defendants for the acts of: "Violating regulations on multi-level marketing" and "Using computer networks and electronic means to commit acts of property appropriation" according to Article 217a and Article 290 of the Penal Code.

During the investigation, the investigation agency seized, confiscated, and froze many assets such as cash, foreign currency, and real estate worth more than VND1,000 trillion, including VND800 billion in cash.

Currently, the Investigation Committee is continuing to collect documents and evidence to serve the process of expanding the investigation and searching for related subjects. At the same time, calling on related subjects to appear before the Security Investigation Agency to enjoy leniency under the law.

NGOC LONG

Source: https://nhandan.vn/phu-tho-triet-pha-nhom-toi-pham-co-to-chuc-xuyen-quoc-gia-lua-dao-tien-ao-quy-mo-hang-ty-usd-post899938.html