- Interpol-wanted Vietnamese woman arrested in Bangkok for $300M crypto scam.
- Ngo Thi Theu lured over 2,600 victims with false promises of high returns.
- Scam funds were laundered into real estate; Ngo admits partial involvement.
In a breakthrough, Thai police arrested a Vietnamese woman wanted by Interpol for a massive crypto scam. The woman, identified as Ngo Thi Theu, also known as “Madam Ngo,” was caught at a hotel in Bangkok’s Watthana district. She escaped the Vietnamese authorities when trouble began from defrauding over 2,600 people.
Scam Promised Easy Money but Stole Millions
According to reports, Ngo took part in a fraud that claimed to give investors low-risk and high-return investments through cryptocurrency and foreign exchange trading. In the beginning, the operation looked to be trustworthy. These people arranged seminars and marketing events to attract victims. At the start, people could withdraw a bit of their investment, motivating more investors to join. But after raising a large amount of money, all means of communication were halted.
Besides, it urged participants to invite additional people into the business. Because of this structure, the fraud increased fast. Vietnam’s police issued an arrest warrant for Ngo, and Interpol put out a Red Notice. She was accused of misprision, a term for not exposing or hiding a crime when you learn about it.
Over US$300 million was stolen from the companies. The Turkish leader organized the operation, which was joined by 35 Vietnamese. More than 1,000 people were part of the scheme at 44 fake call centers in Vietnam. Most ESL teachers started their working lives in major cities such as Hanoi, Ho Chi Minh City, Da Nang, and Hoi An. Similar actions took place in Phnom Penh, the capital of Cambodia.
Thailand was the place where Ngo kept receiving funds all along. She used fake identities and accounts set up in Vietnam, according to the authorities. The reports detailed how money moved to Vietnamese people living in Thailand. The banknotes were withdrawn as cash totaling approximately 1 million baht (roughly $30,800) per occasion. The reason for doing this was to dodge law enforcement.
Ngo Admits to Laundering Crypto Scam Money into Property
Eventually, Police and immigration officials in Thailand followed her to a hotel in Bangkok. Two other Vietnamese men were arrested with Ngo. The two were named Ta Dinh Phuoc and Trong Khuyen Trong. She was guarded by both men. All three were discovered to be living past when their visas were valid and were arrested.
During questioning, Ngo told authorities how she took part in the crypto scam. She said that she did share in the stolen profits, but it was the Turkish leader of the group who got the bigger share. Ngo admitted to purchasing real estate in Vietnam with the money she was given, which made it clear that she had laundered the illegal money.
The arrest points to how cryptocurrency fraud is becoming a major issue around the world. In the year 2024, Kaspersky discovered that there were more than 10.7 million attempts to use crypto-related phishing. This was an 83% rise compared to the previous figure. Criminals create websites that mimic Amazon, Alibaba, Mastercard, and PayPal to take your information. Many of these phishing sites look so authentic that it’s sometimes difficult for people to tell them apart.
Ultimately, Ngo Thi Theu’s arrest is a big achievement for those involved in law enforcement. It demonstrates that cooperation among nations can result in tracking and punishing the most difficult criminals.
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