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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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Wanted Soldier Arrested for Supplying Military Gear to Terrorists

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Troops of Operation HADIN KAI have arrested a Nigerian Army soldier recently declared wanted for allegedly supplying military accoutrements to terrorists and other criminal elements.

Private Mohammed Yusuf of the Nigerian Army Ordnance Kits Factory, Lagos, was apprehended at about 6:30 p.m. on July 25 by personnel of the 7 Provost Group at Jidari Bus Stop in Maiduguri. He was reportedly attempting to flee to the Republic of Cameroon when he was arrested following credible human intelligence.

The soldier had been declared wanted by the Nigerian Army on July 23. Preliminary investigations indicate that he absconded from his unit on July 7, 2026, before relocating to Maiduguri. He allegedly went into hiding in the Gomari Costain area of Jere Local Government Area with the assistance of an associate.

The military said the arrest underscores the effectiveness of intelligence-driven operations and reaffirms the Nigerian Army’s commitment to holding personnel accountable for actions that undermine military ethics, discipline and national security.

Private Yusuf is currently in the custody of the 7 Provost Group, where further investigations are ongoing to determine the full extent of his alleged activities and identify any accomplices.

Operation HADIN KAI reiterated that there is no safe haven for individuals who support terrorism or engage in any form of criminality, regardless of their status.

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BREAKING: DSS, Zamfara Forces Rescue 4 Kidnapped Students

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In a significant breakthrough, operatives of the Department of State Services (DSS) and Zamfara State security forces have successfully rescued the four remaining students of the Federal Polytechnic, Kaura Namoda, who were abducted by suspected bandits.

The joint operation marks the latest success in efforts to secure the release of victims from the June abduction incident, where gunmen stormed off-campus student accommodations in the early hours, taking several students hostage.

Security sources confirmed that the students were recovered unharmed during intelligence-led raids. Details of the exact location and circumstances of the rescue are still emerging, but authorities described the operation as swift and coordinated.

This rescue comes amid ongoing security challenges in Zamfara State, where banditry has plagued communities and educational institutions. Earlier reports indicated that seven students were initially kidnapped, with some previously rescued or having escaped.

The Zamfara State Police Command and DSS have been praised for their collaborative efforts in tackling insecurity in the region. Families of the rescued students expressed relief and gratitude to the security agencies.

Authorities have reiterated their commitment to restoring peace in the northwest and urged residents to provide timely intelligence to security forces. Further updates on the investigation and possible arrests are expected.

This is a developing story.

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Crime

DSS Set to Arraign Three Suspects Over Oriire School Abductions

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The Department of State Services (DSS) is set to arraign three suspects before the Federal High Court on Wednesday, 23 July 2026, over their alleged involvement in the Oriire school abductions and related terrorism activities.

The suspects — Abdulrazak Umar (also known as Abu Khalifa or Abu Khalid), Yunusa Musa (also known as Yunusa Bin Musa), and Shamsu Adamu Sani (also known as Abu Itisar) — all hail from Niger State. They face a 10-count charge bordering on kidnapping, concealment of information, and terrorism-related offences.

According to the charges, the defendants are accused of knowingly withholding vital information about individuals linked to terrorist activities, actively participating in kidnapping operations, and using a messaging platform to facilitate terrorist training.

The planned arraignment marks the formal commencement of their criminal trial. The court is expected to take the defendants’ pleas and issue further directions on the matter.

The development comes as security agencies continue efforts to hold accountable those involved in the abduction of schoolchildren in Oriire and similar incidents across the region.

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