Four Vietnamese siblings arrested for $3.8B crypto gambling scheme?
Authorities in Ho Chi Minh City have arrested four Vietnamese siblings for allegedly operating a $3.8 billion gambling network disguised as a cryptocurrency investment scheme. According to local media reports, the group allowed participants to bet using digital currencies such as Ethereum (ETH), Tether (USDT), and Naga Coin while offering commissions for recruiting new players.
The siblings, identified as Huynh Long Nhu, Huynh Long Tu, Huynh Long Bach, and Huynh Thi Ha Tay, face charges of organising gambling and participating in gambling. Nine others are set to be charged with related offences. Meanwhile, Bach and 20 more individuals are expected to face additional charges for their roles in the operation. An Indian national, Bhatia Mohit, believed to be the mastermind behind the scheme, remains at large along with other suspects.
According to a local media report, the siblings hired IT experts, including foreign nationals, to develop and maintain the gambling platforms, which were linked to an international betting site.
Multi-level investment model
According to local media reports, the scheme promoted itself as a financial investment opportunity in cryptocurrency, promising daily returns of up to 1.5 percent. 바카라ers were encouraged to join using an “insured betting” model that guaranteed refunds for losses. They could also earn commissions by recruiting new participants, and creating a multi-level marketing structure.
Participants were required to create an account online, purchase USDT through crypto exchanges, or from other players, and deposit at least 20 USDT to start betting. Funds could only be withdrawn once an account held at least 20 USDT. A similar system operated which converted deposited ETH and USDT into Naga tokens for use on the platform. The system featured a tiered commission system, ranking participants based on the number of new recruits and the amount gambled. Telegram groups were reportedly used to coordinate betting activities. The report also said that the system distributed commissions in digital currency.
Financial impact and money laundering concerns
The investigation revealed that the gambling operation amassed substantial profits. Nhu’s group reportedly earned around $2.2 million, while Bach’s faction generated over $2.5 million. According to the police report, the proceeds were used to purchase luxury cars, real estate, and land. Authorities have expressed concerns about potential money laundering after discovering some funds had been transferred overseas.
Police are continuing their investigation to locate additional suspects involved in the network and are pursuing further legal action against those arrested.
