40-year-old Tan Van Toi, Deputy General Director of Global BBA Company, has been accused by Hanoi authorities of assisting in cryptocurrency fraud. According to Vietnamese sources, the group is involved in a multi-level marketing scheme worth billions of dollars and is currently under investigation by the Hanoi police along with Toai and seven other accomplices.
In 2019, they acquired the foreign cryptocurrency project CashBack Pro (CBP) and promoted it as a legitimate business enterprise. The organization collaborated with undisclosed foreign partners to facilitate virtual transactions and promote CBP on various platforms as a means for users to earn CBP token bonuses.
They attracted investors to the fraudulent project by creating a system that converted bonuses into cryptocurrency and creating wallets to distribute the tokens.
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From April 2021 to April 2024, the Toai group created an investment community with hundreds of thousands of accounts, accumulating billions of dollars. Participants were promised rewards ranging from $1,000 to $100,000, depending on their investments, as well as bonuses to encourage larger investments.
The organization operated the scheme in a pyramid structure, requiring participants to recruit more individuals or open multiple accounts to expand the network faster. While the scam primarily targeted Vietnam, similar activities are widespread in the cryptocurrency field worldwide.
