Using the guise of a cryptocurrency investment project called “WorldMall.app” and its token “WM,” a criminal group defrauded thousands of people across Vietnam, amassing tens of billions of Vietnamese dong in the process.

On September 15, the Ministry of Public Security revealed that Deputy Minister Nguyen Van Long, Head of the Criminal Investigation Agency, directed the Criminal Police Department to coordinate with other ministry units and the Hanoi Police Criminal Division to dismantle a high-tech fraud ring.

Disguised as a promising cryptocurrency project named “WorldMall.app,” the group successfully enticed thousands of victims nationwide to invest large sums of money into WM tokens.

According to initial findings, around March 2025, Bui Quang Minh (born 1991, from Hung Yen province), together with Nguyen Trong Ngoc (born 1988) and Le Van Thanh (born 1988, both residing in Vinh Tuy ward, Hanoi), developed the “WorldMall.app” software platform and launched the WM cryptocurrency.

To expand the system and attract investors, Bui Quang Minh partnered with Nguyen Thanh Phuoc (born 1979, based in Long Bien ward, Hanoi), Dong Thi Kim Dung (born 1973, from Yen Hoa ward, Hanoi), and several others. They organized seminars and livestream sessions to promote the project and attract new participants.

To build trust with potential investors, the group spread false claims about the project’s development team, presenting supposed CEOs as seasoned international professionals. They promised significant returns on investment, with annual interest rates ranging from 8% to 21%.

Through deceptive and sophisticated tactics, the group managed to lure thousands of people to join the scheme in a short period.

From the evidence gathered, the Hanoi Police Investigation Agency has initiated criminal proceedings, charging five individuals with “fraudulent appropriation of property.”

Law enforcement is continuing to collect documents and evidence to expand the investigation, trace all involved parties, and pursue legal action in accordance with the law. Authorities are also working to recover assets for the victims.

The Criminal Police Department urges citizens to remain vigilant and avoid falling for high-interest investment seminars related to virtual currencies, as many are sophisticated scams designed to defraud.

Tien Dung