Hanoi City Police thwarted a major crypto scam, preventing around 300 potential victims from losing money. The fraud, linked to the “Million Smiles” company, had already stolen 30 billion Vietnamese dong ($1.17 million) from businesses and individuals.
The investigation began after police discovered fraud traces relating to the firm Trieu Nu Cuoi. Based in Hoai Duc District, the company solicited investment with virtual currency transactions.
However, insufficient knowledge and greed trapped many in the scam despite the police warnings. Police revealed that Trieu Nu Cuoi had organized a conference at Bao Son Paradise on Dec. 24 for its 300 customers. Police reacted promptly by summoning some key personnel and raiding the firm’s office.
QFS coin: A fake currency with no value
The police seized documents and computers, among other items, and found that the scam involved QFS coins, a nonexistent currency. The fraudsters used spiritual elements to market QFS coins, claiming it was a currency backed with a valuable family heritage.
They promised huge returns, even telling purchasers that buyers could join the exclusive business ecosystem with zero interest or collateral. As a matter of fact, the QFS coins were absolutely worthless and not recognized within the law of Vietnam.
The fraudsters issued QFS coins to individuals and businesses at 4-5 million VND for one coin. Some businesses were asked to buy a coin for 39 million VND. A forest planter in Yen Bai spent money to buy 39 million VND, hoping to get rich with that coin, but did not see a small profit. According to preliminary statistics, up to the time of fighting back, about 100 businesses and 400 people were “tricked” by the offenders.
Police warn the public against unverified crypto investments
The firm’s leaders did not possess substantial wealth; everything was a farce to woo victims for investment. The leaders also hired luxurious office space and showed the authenticity of the operations. The police, therefore, warned the public against researching any investment they make in virtual currency, as that will ensure they don’t fall prey to this.
The Hanoi City Police Department proceeds with further investigations and encourages other victims of the scam to step out. This case serves strongly as a warning against committing investments to schemes that are not verified to be valid prior to the investment decision.
