Vietnam crypto boss accused of scam using fake ‘banh mi’ chain scheme

Colonel Pham Manh Hung, deputy head of the ministry’s Department of Economic Security, said Vuong Le Vinh Nhan, also known as Eric Vuong, and his associates created the VNDC cryptocurrency and ONUS exchange in 2018.

The group later expanded its ecosystem by issuing multiple digital tokens, including VNDC, ONUS, and HNG, and selling them to investors through the ONUS exchange.

Authorities said the group misled investors by claiming VNDC was backed 1:1 by deposits in major Vietnamese banks. In reality, no such reserves existed.

They staged promotional events, announcing VNDC’s investment in a banh mi chain called Snack House, with supposed plans for 30 outlets in Can Tho City, southern Vietnam, 20 in other Mekong Delta provinces, and 1,000 nationwide.

Consumers were told they could use VNDC vouchers to buy banh mi at Snack House outlets, but the scheme was fake.

The group also fabricated partnerships with companies such as JSC and Go24, claiming to launch an e-commerce platform called VNDC Supermarket.

They further advertised VNDC’s listing on a Singapore exchange, which was also false.

To attract investors, Nhan’s team hired social media influencers to recruit agents and promote the tokens.

Once investor participation grew, the group manipulated trading by creating bogus buy and sell orders to control token prices.

Eventually, they stopped the artificial trades and media campaigns, causing the tokens to collapse in value.

Investigators said Nhan later launched new crypto projects using the same fraudulent model.

Colonel Hung described the operation as a “large-scale ecosystem that defrauded many people.”

The Ministry of Public Security confirmed that Nhan, a 42-year-old CEO of a digital asset management company from Can Tho; Tran Quang Chien, 35, a technical administrator of the ONUS exchange in Hanoi; and Ngo Thi Thao, 32, director of a jewelry company in Ho Chi Minh City, have been charged and detained for using computer networks and electronic means to appropriate assets.

Four others face similar charges, while one suspect was charged with money laundering.

Police seized computers, phones, electronic evidence, and assets linked to the crimes.

They also prevented suspects from destroying documents or hiding property, limiting further losses to victims.