Shark Hung was suddenly pulled into the spiral of the BBI Vietnam virtual currency multi-level project, appropriating more than 42 billion VND.

Prosecution of 15 defendants in the multi-level virtual currency ring at BBI and BBA

On November 23, the Hanoi People's Procuracy issued an indictment to prosecute 15 defendants in the case related to "Using computer networks, telecommunications networks, and electronic means to appropriate property" and "Money laundering" that occurred at BBI Vietnam Internet Technology Joint Stock Company and BBA Global Joint Stock Company.

The investigation agency also issued a search warrant for the fugitive Ho Quoc Anh (born 1990, residing in Thanh Xuan ward, Hanoi). The Procuracy called on Ho Quoc Anh to appear at the nearest police station or procuracy to enjoy the State's leniency policy and exercise his right to defense. If he continues to flee, he will be prosecuted and tried according to the law.

CBP's multi-level investment model and commission system

The case at BBI and BBA was initiated in 2024. Initial investigation showed that in 2019, Than Van Thoai, Deputy Director of BBA Company, bought the CashBack Pro (CBP) virtual currency project from abroad to Vietnam for business. Through foreign partners, Thoai created virtual transactions and promoted CBP coins on many international virtual currency websites, and at the same time built an application for buying and selling goods with commissions in CBP.

Defendant Than Van Thoai

Than Van Thoai created a website to call for investment, developed a multi-level commission system and deployed the CBP Wallet to supply CBP. Participants were promised direct commissions and rewards when connecting more communities or opening investment accounts in the network.

Shark Hung and the money-making promotion trick in the CBP project

Not only building a multi-level system, Thoai also organized many seminars, talks and “get rich” courses to promote CBP coins. At these events, Thoai and his accomplices introduced attractive policies such as high interest rates, commission Chia according to development branches and benefits from participating in the network.

The seminars are not only intended to convince investors but also to create a community effect, making participants believe that CBP is an attractive profit opportunity, while concealing the real risks of the multi-level marketing business model.

In particular, BBI Vietnam also took advantage of Mr. Pham Thanh Hung’s (Shark Hung) reputation to strengthen investors’ confidence. Mr. Hung was invited to be a strategic shareholder and senior advisor, contributing 2% of the company’s Capital , and appearing in events and promotional materials.

Signing ceremony of BBI Vietnam and "Shark" Pham Thanh Hung

Thanks to this famous image, BBI quickly attracted the attention of many users, making many people mistakenly think that this is a "safe" and potential point-based shopping technology project. In fact, the use of Shark Hung's image is just a cover, concealing the activity of appropriating money from investors.

Hundreds of thousands of accounts participated, causing damage of more than 42 billion VND

From March 2021 to June 2024, Thoai's group is said to have attracted hundreds of thousands of participating accounts, creating a large investment community. According to the Hanoi People's Procuracy, the total amount of money that Thoai and his accomplices appropriated from 32 victims amounted to more than 42 billion VND.

To ensure the recovery of assets, the authorities have applied measures to freeze and seize more than 46 billion VND, 199,600 USD and 63 land use rights and real estate certificates. This case not only exposes the sophisticated tricks of the virtual currency pyramid scheme but also emphasizes the level of influence and economic damage it causes to investors.

Source: Blockhay