Ho Chi Minh City busts Chinese-led online fraud ring targeting Japanese victims

The group allegedly ran sophisticated scams from a three-story building disguised as a convenience store in Thu Duc City, where officers discovered 33 individuals—31 Chinese and two Vietnamese—working with electronic devices believed to be used for fraudulent activities.

The building’s ground floor operated under the storefront 'Viet Hoa,' while upper floors served as the base for orchestrating online scams, police said.

Investigators found that from January to April, at least 30 Chinese nationals entered Vietnam through various border gates before moving to Ho Chi Minh City.

The group’s operations were coordinated by Xing Yannak, a 35-year-old Chinese national, who had rented several apartments for their accommodation.

Using social media platforms, the scammers targeted Japanese victims, luring them into investing in a fake e-commerce site, Otto.changyilp.com, promising high discounts on goods.

Once victims agreed to purchase, they were instructed to transfer payments—via USDT cryptocurrency or Japanese yen—to designated wallets.

The scammers then cut contact and stole the funds.

The group also promoted fraudulent investments in a digital currency called ANT, offering false returns of 20 percent, 30 percent, or 40 percent.

Victims were instructed to convert yen into USDT and deposit it into controlled wallets.

The scheme similarly ended with loss of contact and misappropriation of the funds.

According to police, all stolen assets were controlled by Xing, while accomplices were paid monthly salaries ranging from VND35 million (US$1,346) to VND50 million ($1,922), plus commissions of three percent to 12 percent based on the amount defrauded.

A search of six locations yielded 147 mobile phones, 38 desktop computers, two laptops, and 0.4 grams of methamphetamine, among other evidence.

Xing and more than 30 others were taken into custody.

Between February 25 and April 14, the group allegedly stole 486,615.24 USDT—equivalent to roughly VND12 billion ($461,450)—from Japanese nationals, investigators said.

Of that, 38,850.5 USDT was confirmed to have been transferred directly to Xing.

Ho Chi Minh City police have launched criminal proceedings against 31 suspects for “using computer networks, telecommunications to appropriate property” and are continuing their investigation.