40-year-old Tan Van Toi, deputy director of Global BBA company, is accused by Hanoi authorities of assisting in cryptocurrency fraud.
According to Vietnamese news source Vietnam Express, the gang, involved in marketing schemes at multiple levels amounting to billions of US dollars, is currently being investigated by the police in Hanoi along with Toi and seven other accomplices.
In 2019, he acquired the foreign crypto project CashBack Pro (CBP), promoting it as a legitimate business venture. Working with unnamed foreign partners, the group facilitated virtual transactions and popularized CBP on various platforms as a means for users to earn bonuses in CBP tokens.
They attracted investors to their fraudulent project by creating systems to convert bonuses into cryptocurrencies and creating wallets for token distribution.
From March 2021 to June 2024, Toi’s group created investment communities with hundreds of thousands of accounts, accumulating tens of billions of dollars. Participants were lured in with promises of rewards based on their investments, ranging from $1,000 to $100,000, as well as bonuses for promoting larger investments.
The group operated the scheme as a pyramid structure, requiring participants to recruit more people or open multiple accounts to expand the network faster. Although the fraud is primarily targeted towards Vietnam, similar activities are widespread worldwide in the crypto sector.