Hanoi court sentences members of 40 billion VND investment fraud ring

The Hanoi People's Court has sentenced several individuals involved in a major fraudulent investment ring that misappropriated over 40 billion VND. On August 26, Luong Van Quynh received a nine-year prison sentence, and Nguyen Van Sung was sentenced to seven years for fraud.

The group, led by Ho Bich Ngoc, utilized a tactic of posing as successful individuals to lure victims into investing in unauthorized foreign exchange and cryptocurrency platforms. To build credibility, participants like Quynh used luxury cars and high-end clothing to deceive wealthy targets.

Ho Bich Ngoc, who had previously been sentenced to 13 years in prison for fraud and usury, operated through the unlicensed Master Group Trading and Investment Consulting Co., Ltd. The ring used referral links for various international trading platforms to facilitate the scams. In total, 35 accomplices have received various sentences for their roles in the scheme.