Hanoi City Police Crack Down on Fraudulent Virtual Currency Trading

Hanoi City Police recently dismantled several virtual currency trading floors involved in fraudulent activities, resulting in the arrest of key figures and the seizure of assets worth billions of VND.

According to VTV, despite warnings urging the public to be vigilant against scams, these illegal operations continue to target unsuspecting individuals.

During their investigation, police uncovered a plan by Trieu Nu Cuoi Company to host a conference with 300 customers at Bao Son Paradise in An Khanh Commune, Hoai Duc District, Hanoi, scheduled for December 24, 2024. A search of the company’s offices resulted in the seizure of various items, including documents and computers.

Primary findings revealed that Trieu Nu Cuoi Company had been promoting QFS coins, integrating spiritual elements into its marketing. The company’s total revenue from the coin sales was estimated at around 30 billion VND. Authorities intercepted plans to further promote QFS coins by convincing individuals to invest between 4 million and 39 million VND (approximately $190 to $1,350).

The Hanoi City Police’s Investigation Security Agency has issued a notice urging anyone harmed to contact them for legal resolution, ensuring the protection of their legal rights and interests.

The agency also advises the public to thoroughly research and verify information before investing in virtual currencies. They warn against succumbing to dubious promotional offers that may lead to significant financial losses.