May 27, 2025
HO CHI MINH – A 30-year-old Vietnamese woman wanted by Interpol for her involvement in a massive cryptocurrency scam has been arrested in Bangkok, Thailand.
Ngo Thi Theu, known as “Madam Ngo,” is accused of playing a key role in an investment fraud that deceived over 2,600 victims, resulting in losses totalling approximately US$300 million.
Police from the Thai Crime Suppression Division (CSD) arrested the 30-year-old woman at a hotel in the Klong Tan Nuea area last Friday.
She was wanted under an Interpol Red Notice and a warrant issued by Vietnamese authorities for concealing criminal activities.
Vietnamese officials have identified Theu as a key figure in a network that lured people into investing in bogus cryptocurrency and foreign exchange trading platforms.
The group promised enticing monthly returns of 20-30 per cent, leveraging the influence of celebrities and social media figures to gain credibility and attract unsuspecting investors.
Their tactics included hosting seminars and advertising what they claimed were low-risk, high-return opportunities.
Participants were encouraged to recruit others, earning commissions in a structure reminiscent of a pyramid scheme.
Initially, early investors could withdraw small profits, which built trust, but communication would be cut off after larger sums were deposited.
Authorities said that the operation led by a Turkish national involved 35 Vietnamese accomplices and over 1,000 employees working in 44 fraudulent call centres across Việt Nam, including major cities such as Hà Nội, HCM City, Đà Nẵng, and Hội An, as well as in Cambodia’s Phnom Penh.
While evading police, Theu continued to funnel proceeds through mule accounts in Việt Nam, transferring funds to accomplices in Thailand and withdrawing cash in substantial amounts, often around 1 million baht ($30,800) each time, to avoid detection.
Theu is now in custody and is awaiting extradition back to Việt Nam to face charges.
Ponzi/pyramid schemes
Over 2,600 individuals in this massive scam fell victim to a Ponzi or pyramid scheme that exploits the desire for quick profits, according to experts.
These schemes promise high returns but rely on new investors to pay earlier ones. When new participation dwindles, the system collapses, leading to significant financial losses.
Trần Huyền Dinh, chairman of the Digital Assets – Fintech Committee under the Việt Nam Blockchain Association, noted that various scams exist, including counterfeit tokens that mimic legitimate cryptocurrencies, trapping investors who mistakenly buy them.
The “honey pot” scheme locks investors out from selling their tokens, while “rug pulls” involve developers withdrawing liquidity suddenly, causing steep value drops.
Fraudulent air drops may lead users to unknowingly compromise their wallets by interacting with fake tokens. Phishing tactics involve creating deceptive websites and messages to steal private information. Impersonation scams on social media trick users into sending money or revealing personal data.
In addition, “pump and dump” schemes artificially inflate token prices before insiders sell, leaving late investors with losses.
Nguyễn Vân Hiền, general secretary of the Việt Nam Blockchain Association, said the crypto asset market has become a breeding ground for sophisticated fraud that combines both technology and psychology, which can easily ensnare even the most cautious investors.
With over 17 million people in Việt Nam expected to own crypto assets by 2024, many are new to the market and lack understanding of blockchain technology and common scams.
Experts urge investors in the crypto market to learn how to recognise and avoid fraud, empowering them to safeguard their investments in an increasingly tricky landscape.