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On June 15, the Office of the Investigation Police of Bac Ninh Province announced that it had issued decisions to prosecute the case, prosecute the suspects, and order temporary detention for five individuals charged with “fraudulent appropriation of assets.” The suspects are Phang Van Y (born 2000) from Tam Thai Commune; Vi Duc Sang (born 1999) and Ngân Tien Duy (born 1998), both from Tam Quang Commune; Bùi Quang Huy (born 2002) from Yen Hoa Commune; and Lô Văn Quang (born 2000) from Bình Chuẩn Commune, Nghe An Province.
Authorities said the investigation began with basic investigative work focusing on Bac Ninh residents who travel to China for business, trade, visiting relatives, medical treatment, and border management. During the process, investigators identified Vietnamese citizens who frequently travel to Laos and Cambodia and showed signs of asset fraud targeting other Vietnamese.
Based on the case file established by the Department of External Security, the Office of the Investigation Police coordinated to review and verify suspects in Tuong Duong District (old), Ngh An Province. Investigators identified five individuals who frequently traveled to the Golden Triangle Special Economic Zone in Bokeo Province, Laos, with signs of economic irregularities.
According to the investigation, although they rarely returned home, the suspects continued transferring money to their families to build and repair houses, buy cars, and acquire other valuable assets.
Using professional methods, investigators determined that from 2022 to 2025 the five individuals worked for an organization run by a Chinese national in the Golden Triangle Special Economic Zone.
Investigators said the group used disposable SIM cards to create Facebook and Zalo accounts, posing as female entrepreneurs or successful traders to befriend victims. After establishing trust and using romantic deception, the suspects allegedly lured victims into investing funds in a fraudulent cryptocurrency trading platform named “bitsten.”
When victims transferred money into intermediary accounts as instructed, investigators said the suspects appropriated the funds and then cut off all contact.
In initial findings, investigators determined the group successfully carried out five fraud cases, stealing more than 7 billion VND from victims across multiple provinces nationwide, including Bac Ninh.
The provincial Office of Investigation said it will continue to expand the investigation and clarify the roles of related individuals for legal proceedings.
Law enforcement warned citizens to remain vigilant against online financial and cryptocurrency investment solicitations promising high profits. Authorities urged people not to transfer money to private accounts without proper verification and to report immediately to relevant agencies if signs of fraud are detected.
