Hanoi (VNA) – Hanoi police announced on July 12 that they had busted an illegal cryptocurrency network worth trillions of dong, and prosecuted Than Van Thoai, Deputy Director-General of Global BBA JSC, for orchestrating a multi-level scam involving the cryptocurrency CachBach Pro (CBP).
Along with Thoai, 40, residing in Xuan Tao ward, Bac Tu Lien district, Hanoi, the police arrested seven others implicated in the scam.
According to investigations, Thoai purchased the CBP project overseas in 2019, and established an application and website speeding.vip to promote and trade the cryptocurrency.
He also created a tiered system where participants were rewarded for recruiting new members and developing their investment networks, despite not having a license.
To attract investors, Thoai and his team employed a variety of deceptive tactics, including promising daily returns of 0.5% and commission of up to 50% for recruiting new members, and hosting 5-star vacations and other events for investors who deposit large amounts of money into the system.
From March 2021 to June 2024, they leveraged speeding.vip to build an investment community with hundreds of thousands of accounts, with investment packages amounting to tens of billions of dollars.
Based on investigation documents, Hanoi police have initiated legal proceedings against Thoai and his accomplices on charges of violating multi-level business regulations and misappropriating properties using telecommunication and electronic tools.
They have urged individuals who participated in the BBI Mall, CBP, SVIP, VNDO, CBP Wallet, Future City, and other related projects connected to Global BBA JSC to come forward and cooperate with the investigation agency./.
