Vietnam police dismantle PaynetCoin crypto fraud, arrest ringleaders behind $ billions Ponzi scheme; warn public of risky crypto scams.
Vietnam’s Phu Tho Provincial Police have dismantled a massive cryptocurrency scam, arresting the leader and accomplices behind PaynetCoin (PAYN). This fraud, labeled the country’s largest, lured thousands of investors from Vietnam and abroad. It had collected billions of dollars in an unlicensed multi-level marketing scheme in the form of virtual currency trading.
Crypto Fraud Websites FMCPAY, AFF2024 Shut Down
The case was investigated after the Economic Security Department of Phu Tho Provincial Police found suspicious activities. In Ho Chi Minh City, a group was operating websites such as FMCPAY.com and AFF2024.com to market the scam. Such websites promoted individuals to purchase investment packages and enroll more. The participants were getting a commission on introducing new investors, creating a pyramid system. The Ponzi scheme utilized cash inflow of new members to reimburse the investors.
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In the process of digging deeper, police affirmed that the operation had contravened business regulations. The members told the participants to lure others into their networks and offered them a percentage of commission with every new member. This was a cycle that depended on new investments to keep making payouts that were characteristic of a Ponzi scheme. Tracking funds using cryptocurrency was not easy, but the authorities continued the investigation process to solve the crime.
On July 15, 2025, Phu Tho Provincial Police collaborated with the Ministry of Public Security in a large operation. They also carried out raids in Phu Tho province, Hanoi, and Ho Chi Minh City, with the key figures of the scam. The enforcement resulted in the apprehension of the mastermind and some of his associates and the end of the black market.
Authorities were shocked at the magnitude of the fraud. The scheme had collected billions of dollars, and thousands of investors had been defrauded. As a result, promises of high returns attracted many victims who incurred a big loss. The fact that the transactions involving cryptocurrencies are anonymous made the investigation process complicated. However, the police managed to find sufficient evidence to arrest the criminals.
Suspects Face Fraud Charges in PAYN Crypto Scheme
The bust is a major milestone in the efforts of law enforcement in Vietnam to address crypto-related crimes. It shows the dangers of unregulated digital currencies and multi-level marketing scams, which use the trust of investors. On the other hand, Police are currently busy seeking victims and offering assistance, and pursuing other possible perpetrators.
Phu Tho Provincial Police urged people to be cautious. They tell people to stay away from investment opportunities which offer easy money, particularly those that relate to cryptocurrency. This case represents a lesson to ensure that the authenticity of the financial venture is checked before investment.
The suspects who have been arrested are accused of crypto fraud and business practice violations. The case is still under investigation to make all of the responsible parties accountable. This move shows that Vietnam is serious in its fight against financial crimes in the fast-changing digital currencies.
To the victims, the arrests are a source of hope in terms of justice, but it might be hard to recover lost money. The case demonstrates the need to exercise caution when it comes to attractive and dangerous investment offers. The bold move by Vietnam sends a message to swindlers who take advantage of cryptocurrencies.
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