Man swindles $3.9M through fake options trading

By Truong Ha   July 9, 2024 | 12:52 am PT
Man swindles $3.9M through fake options trading
The accused are seen at the People's Court of Ba Ria – Vung Tau Province. Photo by VnExpress/Truong Ha
A 25-year-old man and 34 accomplices are being tried in southern Vietnam for swindling VND98 billion (US$3.9 million) out of 376 victims through binary options trading.

The trial of Nguyen Huu Dat and the others that opened Monday at the People’s Court of Ba Ria – Vung Tau involves charges of fraudulent appropriation of assets by using computers, telecommunications and electronic means.

Dat is also charged with money laundering. Of the victims, 11 showed up at court.

In early 2021, after losing money in investments, Dat allegedly created fake binary options exchanges such as ICM, Broker, In Broker, and Hollmann to attract investors and steal their money.

He and his accomplices created around 10,000 chat groups on Telegram for "investors."

They also created fake profiles of "experts" using photos of businessmen they found online to entice people to invest of $3,000-20,000 each.

Those opting to invest $3,000 received "profits" twice a day of VND1.6-3.2 million ($63-126).

An investor who put down $20,000 received profits six times a day, each of VND45 million.

Each would receive the money for a few days, and then Dat and his accomplices would inform them that the experts had made a wrong decision and lost all their money.

In reality there was no investment. Between early 2021 and June 2022 they took VND98 billion in this manner from 376 people across the country.

Dat used the money to pay salaries to his accomplices and rent and buy equipment. He also invested in property and restaurants but lost most of the money.

The trial is expected to end Wednesday.

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