Ho Chi Minh City police detain 14 foreigners for suspected stock fraud

Ho Chi Minh City police have detained 14 foreign nationals, including 13 Chinese citizens and one Moroccan national, suspected of operating a fraudulent virtual stock exchange. The group was discovered during a raid on a residence in the Everich 3 residential area, Tan My ward, where they were residing illegally without registered temporary residence.

Authorities seized a significant amount of technology, including 29 desktop computers, 5 laptops, 112 mobile phones, and various Wi-Fi devices. Investigators also found documents and scripts allegedly used to facilitate cybercrime.

Preliminary investigations suggest the group recruited Chinese nationals via social media and paid for their illegal entry into Vietnam through border crossings with Cambodia and China. The suspects reportedly used WhatsApp to contact victims using sophisticated scripts. They allegedly operated a fake stock platform that mimicked legitimate sites to deceive investors. Once victims agreed to invest, they were directed to transfer funds via QR codes to bank accounts controlled by the group. The operators then manipulated virtual profit figures to encourage further investment before misappropriating the assets.