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Vietnam Police Dismantle Multi-Billion Dollar Cryptocurrency Fraud Operation

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Vietnamese authorities have busted what officials describe as one of the country’s largest cryptocurrency scams, arresting key suspects in a multi-billion dollar Ponzi-style scheme that allegedly defrauded thousands of investors both domestically and overseas.

The operation, centered around a fraudulent digital token known as Paynet Coin (PAYN), was dismantled by police in Phu Tho province in August 2025. Authorities charged at least 20 individuals, including the alleged ringleader, Nguyen Van Ha, a 45-year-old entrepreneur and founder linked to the Hahalolo platform.

According to reports from local state media, including Công an Nhân dân, the suspects operated an illegal multi-level marketing (MLM) network disguised as a legitimate cryptocurrency investment platform.

Victims were lured with promises of high returns through the Paynet Coin scheme, which authorities labeled as the biggest crypto fraud uncovered in Vietnam to date. The operation reportedly spanned multiple provinces and attracted investors from abroad.

Police seized evidence related to the scheme and charged the suspects with fraud and organizing illegal MLM activities. Estimates of the total scale have varied in reports, with some describing losses in the billions of dollars, though exact figures for victim losses and assets recovered have not been fully disclosed publicly.

This bust is part of a broader crackdown on cryptocurrency-related crimes in Vietnam, where digital asset trading has grown rapidly in recent years but has also attracted scammers exploiting regulatory gaps.

Other recent cases include arrests tied to platforms like ONUS and HanaGold for alleged price manipulation, as well as smaller scams involving fake exchanges and investment schemes totaling millions of dollars.

Vietnamese law enforcement has intensified efforts against online fraud, Ponzi schemes, and unlicensed crypto operations amid a surge in investor complaints. Officials have warned the public to exercise caution with high-yield crypto investments promising unrealistic returns.

The investigation remains ongoing, with authorities urging additional victims to come forward. This case highlights the risks in Vietnam’s booming but largely unregulated crypto market, where millions of citizens hold digital assets.

No further details on trial dates or additional arrests have been released as of the latest reports.

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Crime

‘Stop Giving Testimony In Church, And Why’ – Police IRT Commander

The commander cautioned against assuming that everyone attending church had good intentions, urging worshippers to exercise discretion when sharing sensitive personal information in public gatherings.

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A commander of the Nigeria Police Force Intelligence Response Team (IRT) has cautioned churchgoers against publicly disclosing details of their personal lives and achievements during church services.

The commander gave the warning during an IRT briefing on TV Platinum on Thursday, particularly cautioning worshippers attending evening services at churches on the outskirts of towns.

He said publicly sharing personal achievements before a congregation whose intentions were unknown could make worshippers vulnerable to criminal attacks, particularly when returning home after night services.

“After closing from evening service, such act that they plan will be implemented. You can’t go to a church located on the outskirts, and you go to evening prayer, and close in the evening, coming down to your home, after making testimony of what you have achieved in life,” he said.

The commander cautioned against assuming that everyone attending church had good intentions, urging worshippers to exercise discretion when sharing sensitive personal information in public gatherings.

“It doesn’t conform with common sense and rationality in the midst of gathering of people watching you, thinking that they are all men of God. No. Everybody has his own motive of going to the church,” he said.

The commander further called on churches that hold evening services to strengthen their security arrangements, particularly by monitoring access routes and exits to protect congregants before and after worship.

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Crime

BREAKING: Tragic One-Way Crash Claims Tricycle Driver’s Life in Meiran Lagos

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A commercial tricycle driver has been killed in a fatal one-way crash in the Meiran area of Lagos State.

According to preliminary reports, the incident occurred when a vehicle travelling against the designated flow of traffic on a one-way road collided head-on with the tricycle.

The impact left the tricycle driver with severe injuries, and he was confirmed dead at the scene by emergency responders.

Officials from the Lagos State Traffic Management Authority (LASTMA) and the Nigeria Police Force were quickly mobilised to the location. The crash site was secured, and traffic was temporarily disrupted as recovery operations got underway. The body of the deceased has been evacuated to a nearby mortuary pending formal identification and further investigations.

Authorities say the exact circumstances surrounding the crash, including the identity of the tricycle driver and details of the other vehicle involved, are still being established. Police have launched a probe into the incident, with particular focus on the alleged one-way driving that led to the collision.

Road safety officials have once again cautioned motorists against driving against traffic, describing the practice as a major contributor to fatal accidents on Lagos roads. Further updates are expected as the investigation progresses.

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Crime

JUST IN: Zamfara LG Chairman Freed After 61 Days in Captivity

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The Zamfara State Police Command has confirmed the release of Nura Abdullahi, Chairman of Bungudu Local Government Area, after spending 61 days in the captivity of kidnappers.

The Command’s Public Relations Officer, DSP Yazid Abubakar, confirmed the development to Arise News in a telephone interview on Thursday. He said the chairman is presently receiving medical attention in Gusau, the Zamfara State capital, following his release.

According to the police, Abdullahi regained his freedom alongside other persons who were abducted with him on the same day and taken to an unknown location. The exact circumstances surrounding the release were not immediately disclosed.

Police authorities have remained silent on whether any ransom was paid to secure the victims’ freedom. However, unconfirmed reports circulating in the state claim that the sum of ₦200 million was earlier paid to the kidnappers. The reports further allege that the abductors refused to free the chairman at the time and continued to hold him, demanding additional payment.

The abduction occurred when heavily armed attackers invaded Abdullahi’s residence in Bungudu town. During the assault, two security agents attached to the local government chairman were killed. His elder brother was also shot and later died in hospital from the injuries sustained.

The release of the Bungudu LG chairman marks the end of a prolonged ordeal that had drawn concern across Zamfara State. Further details on the condition of the other freed victims and any ongoing investigations are still being awaited from the police.

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