In order to concretize the Order of the Minister of Public Security and the Director of the Da Nang City Police Department on the implementation of the intensified campaign to attack and suppress crime, Ensuring security and order for the 14th National Congress of the Party, the election of deputies to the 16th National Assembly, People's Councils at all levels for the 2026-2031 term, the Lunar New Year of the Horse 2026, major national events and early year festivals ; The Da Nang City Police have successfully dismantled a criminal ring, arresting a group of individuals involved in high-tech fraud using a multi-level marketing scheme involving cryptocurrencies. This operation was complex, nationwide, and involved the embezzlement of thousands of billions of VND.
The group of suspects were detained along with the seized evidence.
Specifically, on December 15th, the Da Nang City Police, in coordination with the Cyber Security and High-Tech Crime Prevention Department (Ministry of Public Security) and the Da Nang City People's Procuracy, deployed forces, equipment, and operational measures to arrest 8 suspects in the case, including the ringleader Huynh Duc Van (33 years old, residing in Hoa Cuong ward, Da Nang city).
Initial investigations revealed that in early 2020, Huynh Duc Van colluded and discussed the Chia of tasks with three individuals in Ho Chi Minh City and several others to create a "phantom" cryptocurrency project called "DRK," then promoted it through social media with false information to entice many people to invest.
The investigating agency served the decision to Huynh Duc Van.
After luring many investors into participating, by the end of 2021, the perpetrators decided to shut down the DRK project, deleting the website, fan page, and related groups in order to seize all the investors' money and then sell it for Vietnamese currency to spend on personal expenses.
Based on information, documents, and electronic data obtained during the investigation, the police determined that the suspects had embezzled cryptocurrencies from investors, including over 1880 BTC, over 37,000 ETH , and nearly 2.7 million USDT (equivalent to approximately 2 trillion VND in 2021).
Through the implementation of legal procedures, the Police Investigation Agency has temporarily suspended transactions on bank accounts and related real estate worth over 600 billion VND. Currently, a criminal case has been initiated, charges have been filed, and Huynh Duc Van and 7 related individuals have been temporarily detained.
Authorities have drawn up a report temporarily seizing the evidence to aid in the investigation.
The police are urging all individuals involved in the incident to surrender quickly in order to benefit from the leniency policies of the law.
Following the above incident, the Da Nang City Police Department announces that anyone who has been a victim of Huynh Duc Van and his accomplices should come to the Office of the Criminal Investigation Agency of the Da Nang City Police Department (address: 47 Ly Tu Trong Street, Hai Chau Ward, Da Nang City) to report and resolve the matter according to the law.
