Ngo Thi Theu was arrested in Thailand: Phishing of more than 2,600 Vietnamese victims, embezzling 300 million USD.

According to information from the People’s Police, the subject Ngo Thi Theu (, also known by the nicknames “Madam Ngo” or “Mrs. Ngo”), a Vietnamese citizen, was arrested by Interpol(, the Royal Thai Police, and the Vietnamese Police in cooperation at a hotel in Watthana district, Bangkok, Thailand on May 23. Ms. Theu is accused of leading a cryptocurrency scam with a total value of up to 300 million USD, causing losses to more than 2,600 victims in Vietnam.

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Earlier, Interpol issued a red notice for Ngô Thị Theu for committing fraud through cryptocurrency trading platforms and foreign exchange investments. Along with Ms. Theu, two men accompanying her have also been arrested.

Sophisticated Scam Models and How They Operate

Ngo Thi Theu has been identified as a key figure in a criminal network that scams Vietnamese investors by enticing them to participate in investments through opaque cryptocurrency and forex trading platforms.

The individuals in this network often promise attractive returns of 20-30% per month to lure victims. In addition, they also use celebrities or influential individuals to build trust and persuade investors to participate.

Potential victims are invited to workshops where false information is published, claiming that investments are risk-free and yield quick profits. To increase attractiveness, they also implement a commission model for those who refer new investors, similar to the structure of a pyramid scheme.

Initially, victims were allowed to withdraw a small portion of their profits to build trust. However, when larger investments were made, they were cut off from communication and unable to retrieve their funds.

The Journey of Pursuit and the Testimony of the Suspect

After committing the fraud, Ngo Thi Theu fled to Thailand. Vietnamese police coordinated with the Thai police and Interpol to track down and arrest her along with two accomplices.

During the interrogation, Ngo Thi Theu admitted to organizing and promoting fraudulent investment activities. Most of the money embezzled from the victims was transferred by her to the ringleader, while her share of the profits was "laundered" through real estate transactions.

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While hiding in Thailand, Ms. Theu received money from Vietnam through a bank account and withdrew it in cash, each time about 1 million Baht, in order to avoid detection. She is currently being held by the Thai police, awaiting extradition procedures to Vietnam.

Warning from experts about cryptocurrency scams

Discussing the incident, Ms. Nguyễn Vân Hiền, Vice President of the Vietnam Blockchain Association, emphasized: "The cryptocurrency market is seeing many sophisticated forms of fraud, combining technological factors and psychology, causing many investors to easily fall into traps despite being cautious."

Mr. Tran Huyen Dinh, Chairman of the Fintech Application Committee of the Vietnam Blockchain Association, also pointed out some common tricks such as:

Mrs. Nguyễn Vân Hiền further warns: "Fraud models like Ponzi or pyramid schemes strike at the psychology of wanting to earn quick and absolutely safe profits. However, when the cash flow is interrupted, the system will collapse, leaving enormous losses for investors."

Conclusion

The case of Ngô Thị Theu serves as a warning to investors, especially in the field of cryptocurrency and financial technology. The allure of high-profit promises often comes with significant risks. Experts advise investors to be cautious, thoroughly research information, and be vigilant against increasingly sophisticated scams.

Mr. Teacher