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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

BREAKING: Court Grants Sowore N200 Million Bail, With Fresh Conditions

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The Federal High Court in Abuja on Tuesday granted bail to online publisher and African Action Congress (AAC) presidential candidate, Omoyele Sowore, but imposed stringent fresh conditions for his release.

Justice Umar Mohammed ruled that Sowore must provide two sureties, each executing a ₦200 million bail bond. One of the sureties must be a traditional ruler from Sowore’s community in Ese-Odo Local Government Area of Ondo State, while the second surety must own landed property within the Federal Capital Territory (FCT).

Sowore is also required to surrender his international passport to the court’s deputy registrar for safekeeping. The court further directed that both sureties must be verified by counsel to the prosecution, Akinlolu Kehinde, SAN.

The ruling comes after Sowore’s absence from court proceedings. On June 16, 2026, Justice Umar revoked the self-recognisance bail earlier granted to Sowore in December and issued a bench warrant for his arrest over allegations of cybercrime and criminal defamation.

Last Tuesday, the judge ordered that Sowore be remanded at the Kuje Correctional Centre pending the determination of his motion seeking a stay of execution of the revocation order and bench warrant. The court also dismissed Sowore’s application requesting that the judge recuse himself from the trial on grounds of alleged bias.

The Department of State Services (DSS) is prosecuting Sowore over alleged criminal defamation stemming from social media posts on his official X and Facebook accounts in which he reportedly referred to President Bola Tinubu as a “criminal.”

Sowore’s lead counsel, R.O. Adakole, appealed to the court to release his client to him temporarily to enable the retrieval of Sowore’s passport from the US Embassy in Lagos.

Justice Umar adjourned the matter to July 6, 2026, for the continuation of hearing.

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Crime

Lagos NSCDC Parades Five Suspected Vandals, Two Foreigners From Togo

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.….As Army recovers stolen armoured cables, other Exhibits.

The State Commandant , Nigeria Security and Civil Defence Corps ( NSCDC ), Lagos State Command , Mr Adedotun Keshinro , fnarc, today, Monday, 29th June , 2026 has paraded seven ( 7 ) male suspects between the ages of twenty seven ( 27 ) years to forty four ( 44 ) years old involved in various forms of crimes ranging from vandalism of critical national assets and infrastructure such as ; armoured cables , transformer cables , stealing of eight ( 8 ) lithium batteries and RRU inverter, which occured at various locations in the state .

Other suspects paraded today, include three ( 3 ) Togolese, male, aged 32 and 27 each, who deserted the Togolese Army and were apprehended around the Badagry axis of Lagos State .

While briefing the media, today, Monday, at the State Command’s Headquarters in Alausa, the Lagos State Commandant, said that following consistent community engagements with stakeholders in the state, the Command received credible intelligence through the Okun Ajah Community and Proton Security Ltd and responded swiftly leading to the arrest of two ( 2 ) male suspects at 1451HRS, on Saturday, 27th June , 2026 involved in the vandalism of MTN armoured cables.

The vandalized armoured cables were recovered with a shuttle bus popularly known as korepe with the plate number MUS109YH ( Benue State ).

The Command is still on the trail of 2 suspects, who are currently at large but connected to the vandalism of the armoured cables worth millions of Naira and will not rest on its oarse until they are also apprehended, prosecuted and convicted through the instrumentality of the court if found culpable.

In the ongoing efforts of the Command to take out vandals off the state, on Friday , 26th June , 2026, another male suspect was arrested by the Command’s operatives in Sogunle for vandalizing transformer cables .

Also another male suspect was apprehended at 1600HRS on Saturday, 15th June, 2026 for stealing eight ( 8 ) lithium batteries at Orchid road in Lekki . Further Investigation has been launched into the matter to apprehend others who are at large.

The theft of RRU inverter cable by another male suspect, who was arrested on 7th April , 2026 in Banana Island was also established to be currently undergoing prosecution accordingly.

The parade also comprised of three Togolese brothers , who deserted the Togolese Army and were found and apprehended by the Badagry operatives of the Command .

The Command has taken appropriate steps to hand the deserted Togolese Army personnel to the appropriate agency of government for further investigation .

Other suspects arrested by the Badagry operatives of the Command and linked to illegal migration have been handed over to the Nigeria Immigration Service, Lagos State Command for further investigation .

The Lagos State Commandant has once again seized this opportunity to warn vandals to desist from their dastardly act of economic sabotage , which brings harshness, hardness, agony and strain upon the innocent citizens or face the full weight of the law .

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Crime

Police arrest 10 suspects over killing of Benue Miyetti Allah’s chairman

The MACBAN chairman and Yakubu Isa were reportedly ambushed and killed at Okudu community in Otukpo LGA on Friday, June 26, 2026 by armed men, while returning from a peace meeting called by the Divisional Police Officer, DPO, in the Idekpa, Ohimini LGA.

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The Benue State Police Command has declared that it arrested 10 suspects in connection with the killing of the Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) in Benue State, Ardo Risku Mohammed, and one Yakubu Isa.

The MACBAN chairman and Yakubu Isa were reportedly ambushed and killed at Okudu community in Otukpo LGA on Friday, June 26, 2026 by armed men, while returning from a peace meeting called by the Divisional Police Officer, DPO, in the Idekpa, Ohimini LGA.

The Police Public Relations Officer (PPRO), DSP Udeme Edet, confirmed the arrest, emphasing that the arrests marked significant progress in the investigation into the attack.

The suspects were apprehended on the night of June 27, 2026, during a coordinated operation by the Command’s tactical teams in Otukpo Local Government Area, following what police described as intensive intelligence gathering and tactical operations.

According to him, the suspects arrested were 25-year-old Titus Thyodenda, 20-year-old Utibe Sam, 18-year-old Owoicho Ameh, 21-year-old Sunday Useni, 46-year-old Sunday Useni, 46-year-old Sunday Ogbanje, 23-year-old Daniel Raphael, 24-year-old Adokole John, 32-year-old Samuel Ogazi, 25-year-old Agbo Daniel, and 30-year-old Onazi James.

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