Exposing the trick that made thousands of investors deposit billions of dollars into virtual currency PaynetCoin

In addition to organizing grand conferences and seminars, the scam group disguised the virtual currency PaynetCoin (PAYN) as being listed on reputable US exchanges and paying 5-9% interest to new participants in the early stages.

The security investigation agency deployed an emergency search plan at Fimetech Company Limited (representative office in Hanoi ) - Photo: Phu Tho Provincial Police

As reported by Tuoi Tre Online , Phu Tho Provincial Police have just dismantled a transnational organized crime group that illegally operated in the form of buying and selling a virtual currency called PaynetCoin with a scale of billions of USD.

Talking about the operation method of the virtual currency fraud group, Major General Nguyen Minh Tuan - Director of Phu Tho Provincial Police - said that since 2021, Nguyen Van Ha (45 years old, in Phu My Bac commune, Gia Lai province - leader of the ring) and his accomplices have programmed and created the virtual currency PaynetCoin operating on the Blockchain platform, building a reward system according to a multi-level model to attract participants (using websites such as FMCPAY.com and AFF2024.com to register and activate illegal investment packages).

"Ha studied finance and worked in the banking sector, so he understands credit, finance, and especially the psychology of people, especially those who have money but lack investment knowledge, making it easy to invite them to invest in virtual currency," said Major General Nguyen Minh Tuan.

To develop the system, Ha attracted a number of people to join, including Phan Viet Lap (42 years old, in Bay Hien ward, Ho Chi Minh City). These people all have experience in multi-level activities, so they developed the system very quickly by organizing large seminars at resorts, resorts, and 5-star hotels to promote PaynetCoin as valuable and profitable when investing.

Ha's group also pays out profits of 5 - 9% per month - an extremely attractive interest rate for newcomers in the current economic climate.

Major General Nguyen Minh Tuan directly took statements from people involved in the case - Photo: Phu Tho Provincial Police

Lieutenant Colonel Hoang Tung, head of the Economic Security Department of Phu Tho Province Police, said the scam group used PaynetCoin to pay rewards to investors. This money will be used by investors to exchange for those who are holding PaynetCoin cryptocurrency in need on the FMCPAY.com exchange floor into USDT cryptocurrency, which can then be exchanged for USD or Vietnamese currency.

However, they also set a very high withdrawal fee for each transaction, making people afraid every time they withdraw money. At the same time, they "sow" the hope that the money will be left there, the more reward points accumulated in PaynetCoin, the higher the profit will be later, but in reality, it has no value.

"When people were paid interest, they did not withdraw it because they heard the scammers say that if they kept PaynetCoin, it would become more and more profitable and its value would increase, so most people did not withdraw their money" - Lieutenant Colonel Hoang Tung shared.

Security investigation agency takes statements from employees - Photo: Phu Tho Provincial Police

Lieutenant Colonel Hoang Tung also said that in order to deceive investors, Ha's group also provided a lot of false information such as the virtual currency exchange PaynetCoin was registered to operate in the US, or this digital currency could be used to buy airline tickets, book hotel rooms...

"Through this case, we advise people not to trust investment methods with interest rates that are too high compared to bank deposits or investments from manufacturing enterprises.

When participating in investment, people need to research and grasp complete and official information" - Major General Nguyen Minh Tuan emphasized.

However, all of them are websites created by Ha's group and do not have any real transaction value.

"With such cover and tricks, Ha's group has attracted thousands of participants, the total amount of money mobilized has reached billions of USD. Although the leader is Vietnamese, they have mobilized both domestic and foreign investors.

At the time we cracked down on the case, money from India and the Philippines continued to flow into the virtual exchange Ha created," said Lieutenant Colonel Hoang Tung.

Property and real estate were seized during a search of a suspect's house - Photo: Phu Tho Provincial Police

Major General Nguyen Minh Tuan revealed that when cracking down on the case, Ha's group withdrew about 200 million USD for personal use, not as the target that had been previously stated in calling for investors.

"In this case, we have arrested the leader, as well as the creator of the virtual currency to defraud and appropriate people's assets. At the same time, we have seized and frozen a lot of cash, foreign currency, and real estate with a total amount of up to 1,000 billion VND.

In the future, when we expand the investigation, we will definitely be able to seize more money to return to the victims later" - Major General Nguyen Minh Tuan shared more.

Notice of finding victims of the case

The Phu Tho Provincial Police Department's Investigation Security Agency announced that the unit is currently investigating a case of fraud and property appropriation related to investment in digital currency PaynetCoin (PAYN) and the FMCPAY trading floor.

To serve the investigation, citizens with information related to the case are requested to proactively contact and provide information via phone number 0692.645.133 - 0393.817.910 (investigator Le Xuan Truong) or the office of the Security Investigation Agency of Phu Tho Provincial Police at 216, Tran Phu Street, Viet Tri Ward.

WISDOM

Source: https://tuoitre.vn/vach-tran-thu-doan-khien-hang-nghin-nha-dau-tu-nop-ca-ti-usd-vao-tien-ao-paynetcoin-20250812195652546.htm