On the evening of March 19, Ba Vi District Police ( Hanoi ) said they were investigating and verifying a fraud case of appropriating more than 750 million VND in assets by luring investors into investing in virtual currency.

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Illustration: CACC

Previously, on March 12, Ms. H. (38 years old, in Ba Vi district) went on Facebook to look for a job. When she saw an account posting an article with the content "easy work, high salary", Ms. H. contacted to discuss.

At this time, Ms. H. was instructed to register an account to participate in investing in virtual currency exchanges that could earn a lot of profit.

After being lured by the subject, Ms. H. paid 100 million VND to place an order, but her account reported receiving 3.2 billion VND, but the system reported an error and did not allow withdrawal. After that, the subjects instructed her to pay taxes, insurance fees, etc. before she could withdraw the money.

By March 17, Ms. H. had transferred more than 750 million VND to the subjects but did not receive the money on the floor. At this time, she realized she had been scammed and went to the police to report.

From the above incident, Hanoi City Police said that currently there are many virtual currency trading floors attracting many investors.

The floors are introduced as projects with high interest rates, committed to paying profits to players. At first, these floors will let investors make profits, stimulating them to deposit more money. After that, they will advise the "prey" to deposit more money and then not let them withdraw money to seize it.

To prevent fraud, Hanoi City Police advise people to be vigilant and not participate in investing or trading on virtual currency exchanges, digital currencies, websites, and virtual currency investment applications.

Investing in websites, applications, and virtual currency exchanges poses many risks for investors because virtual currency exchanges do not have legal representatives in Vietnam and virtual currency is not recognized by Vietnamese law.

If fraud is discovered, people need to immediately report it to the police to quickly verify, prevent and handle violators according to the law.