Da Nang police dismantle LB-Pro investment fraud ring

Da Nang police have dismantled a major financial fraud ring operating through the LB-Pro investment application, which allegedly misappropriated over 100 billion VND from more than 150 investors nationwide.

Phan Tuan Anh, a resident of Da Nang, has been arrested and charged with fraud and money laundering. Investigators found that the group collaborated with foreign nationals to establish shell companies and corporate bank accounts with names matching investment projects displayed on the app. This created a veneer of legitimacy to deceive citizens into transferring funds.

To conceal the money trail, the suspects converted Vietnamese Dong into USDT cryptocurrency before transferring it to digital wallets managed by criminal organizations abroad. In August 2023 alone, approximately 80 billion VND was moved through these channels. Several domestic accomplices, including Nguyen Nhat Khanh, Tran Quoc Anh, and Nguyen Thi Kieu Nhung, have also been detained on money laundering charges.