The head arrestees included: Huynh Long Bach (born 1991), Nguyen Dac Quy (born 1994, from Go Vap), Huynh Long Nhu (born 1993, from Tan Binh) and Pham Thi Mai Ngan (born 1985, from Phu Nhuan). Dozens of others were also apprehended and awaiting charges as per regulations.
Their method of operation was secretive and elaborated. The betting process was done by using Vietnamese money to buy cryptocurrencies (Etherum, USDT, TRON) or have it exchanged, deposited or withdrawn via financial platforms. Their organization is decentralized into multiple agencies which carry out gambling in all provinces and cities throughout the country.
Primary investigations estimated that the group’s network is worth some US$3.8 billion, or VND87,612 billion. This only includes the amount put in by bettors and not the banker’s earning. This is the largest gambling ring ever discovered by the HCMC Police Department.
The arrestees have confessed to counts of gambling and organizing online gambling on Swiftonline.live and Nagaclubs.com, acquiring commissions from players.
To participate, the players need to register for a virtual wallet on Remitano (based overseas) and use their bank account to buy virtual currencies like Ethereum or USDT, then gamble with the cryptos. They might also be required to create an account on a gambling site and link it with virtual currency accounts. Another gambling form is buying insurance funds with the promise that it would be reimbursed if they lost a gamble.
To attract players, the arrestees have regularly used social media to invite people to partake in high-profit financial investments, and offer insurance packages that are promised to be refunded if the players lose. When the number of bettors is high enough, they will crash the website to appropriate the virtual money and avoid investigation from the authorities.
The police are investigating further.