14 foreign nationals suspected of running fake stock trading platform in Ho Chi Minh City

The operation was uncovered during a crackdown on foreigners suspected of residing or working illegally in Vietnam, Cong An Nhan Dan (People’s Public Security) newspaper reported.

At around 6:30 pm on November 4, police conducted an unannounced inspection of a house at A2-12 in the Everich 3 residential area.

Officers found 14 foreign nationals who had not registered their temporary residence, including 13 Chinese citizens and one Moroccan national.

The group was using 29 desktop computers, five laptops, 112 mobile phones and Wi-Fi transmission equipment.

Authorities also found scripts and documents suspected of being related to online property fraud.

Before the inspection, police monitoring had indicated that the group maintained a highly secluded lifestyle.

The house’s glass windows were constantly covered, and only one person reportedly went outside each day to purchase food and other necessities for the group.

Initial questioning indicated that the group’s managers recruited Chinese nationals through social media, provided instructions and paid for their illegal entry into Vietnam through unofficial border crossings along the Vietnam-Cambodia and Vietnam-China borders.

Vehicles were then arranged to transport them to the house.

The suspects allegedly established a fake stock trading platform designed to resemble reputable trading services, using similar-looking web links to mislead potential victims.

Employees were reportedly given contact lists and prepared scripts and instructed to approach potential victims through WhatsApp and persuade them to invest.

Once victims agreed, they were sent QR codes linked to bank accounts prepared by the group’s managers so they could transfer money.

The managers allegedly manipulated displayed profits on the fake platform to make investments appear successful, encouraging victims to deposit additional funds before appropriating their money.

Police are working to determine the full scope of the operation and identify potential victims.