HO CHI MINH: Police in HCM City are investigating a group of foreign nationals suspected of operating an online investment scam through fake stock trading platforms, following a raid on a residential property in the city.
The municipal police department said investigations were being expanded to clarify the group's alleged violations, including illegal residence and suspected online fraud.
The case came to light during a crackdown on foreign nationals residing illegally or engaging in unlawful activities in the city.
After monitoring suspicious activities, police identified a house at A2-12 in the Everich 3 residential area, Tan My Ward, where occupants appeared to be living and working in unusually secluded conditions.
All the property's windows and doors had been covered, while the group maintained an entirely closed-off lifestyle. Only one person was seen leaving the premises each day to purchase food and other necessities for the occupants.
At around 6.30pm on November 4, the Immigration Management Division (PA08), in coordination with Tan My Ward police, conducted an administrative inspection of the property.
Officers found 14 foreign nationals – 13 Chinese and one Moroccan – staying there at the time, without declaring their temporary residence as required by law.
A search of the premises uncovered a substantial amount of equipment suspected of being used for high-tech fraud, including 29 desktop computers, five laptops, 112 mobile phones and multiple Wi-Fi broadcasting devices.
Police also seized numerous documents and detailed scripts believed to have been prepared for an organised online fraud operation.
Initial investigations indicate that the group's organisers recruited Chinese nationals through social media, offering to arrange and cover the costs of their illegal entry into Vietnam through unofficial border crossings along the borders with Cambodia and China.
After entering the country, the recruits were transported to the house in HCM City, where they received their assignments.
The group allegedly created fake stock trading platforms that imitated the interfaces of reputable international exchanges. It also set up misleading website links using domain names resembling those of legitimate platforms to deceive potential investors.
Employees were provided with lists of prospective targets and pre-written conversation scripts. They allegedly used WhatsApp to approach individuals, build relationships and persuade them to invest money through the fraudulent platforms.
Once victims were persuaded to transfer funds, the group provided QR codes linked to bank accounts prepared by the organisers to receive the money.
The operators then allegedly manipulated the trading platforms' systems to display rapidly increasing profits, encouraging victims to deposit increasingly large sums.
When victims attempted to withdraw their money, the group would reportedly block their transactions and appropriate the entire amount.
PA08 has reported the case to the HCM City Police Department's leadership, which has directed relevant professional units to coordinate further investigations and handle the case in accordance with the law. — VNS/ANN
