On August 16, Phu Tho Provincial Police reported that, under the direction of Major General Nguyen Minh Tuan, the police successfully dismantled a fraudulent investment ring just ten days after launching a criminal investigation.
The operation led to the arrest of key suspects and the recovery of over $1.2 million – more than half of the stolen funds.
Phu Tho’s Cybersecurity and High-Tech Crime Prevention Department initially discovered suspicious activities by a group based in Hanoi and Ho Chi Minh City. They were illegally raising funds via the website https://tcis.ai and promoting a non-existent cryptocurrency named TCIS.
This group operated a Ponzi-style model, using funds from new investors to pay earlier ones. On July 30, 2025, authorities opened an official investigation into the scheme.
Surveillance revealed that on August 9, the group hosted a seminar for about 200 people at Ao Vua Resort in Hanoi’s Suoi Hai area. During the event, Phu Tho police conducted a coordinated raid, identified the ringleaders, exposed the fraudulent activities, and educated attendees on the deceptive tactics used under the guise of multi-level marketing and crypto investment.
According to investigators, Nguyen Chanh Dang (39, resident of Vinh Hoi Ward, Ho Chi Minh City) was the mastermind. He commissioned the creation of the TCIS website and its fake digital currency, and recruited others to expand the scheme.
Dang enlisted Doan Van Manh (32, Tam Dao, Phu Tho) and Tran Minh Nhat (48, Ho Chi Minh City) to help develop the market and manage finances. He also hired foreign nationals to pose as successful entrepreneurs at seminars hosted in various provinces to lend credibility to the operation.
On the website, Dang promoted “TCIS Technology Company” as a Canadian tech firm with a representative office in Hanoi, accompanied by aggressive marketing campaigns. The team fabricated the TCIS digital currency, which held no actual value, and used sophisticated tactics to entice and deceive investors.
From June 2024 to July 2025, Dang and his group convinced thousands of people to create over 4,000 investment accounts, contributing more than 2 million USDT (over $2 million). Dang used the stolen funds to speculate on Forex and other cryptocurrencies.
Based on the investigation, Phu Tho’s Department of Security Investigation has officially charged and issued arrest warrants for Nguyen Chanh Dang, Doan Van Manh, and Tran Minh Nhat for violating regulations on multi-level marketing business practices.
Authorities are continuing to expand the investigation to uncover further fraudulent activities and bring all involved to justice.
Duc Hoang
Other Articles
No Comment! Be the first one.