HANOI: A Vietnamese court has sentenced four siblings and dozens of other individuals for their roles in a massive transnational online gambling and cryptocurrency operation.
The case involved an astonishing $3.8 billion in transactions, according to state media reports on Thursday.
Members of the criminal ring, which was operated by the four Vietnamese siblings, faced charges of organising and participating in illegal online gambling activities.
These illicit operations took place between early 2020 and late 2021, when authorities finally dismantled the network.
Following a two-day trial in Ho Chi Minh City that concluded late Wednesday, the court handed down prison sentences ranging from eight to 13 years to the four siblings.
An additional thirty-nine defendants received various sentences, including suspended three-year terms and prison sentences exceeding ten years.
Vietnamese police are currently seeking the arrest of an Indian national believed to be the mastermind behind the entire operation.
The criminal organisation utilised millions of dollars from their illegal profits to purchase real estate and luxury vehicles within Vietnam.
They also engaged in laundering substantial amounts of cash through international channels.
Authorities have initiated a separate money laundering investigation into the group’s financial activities.
The ring created sophisticated websites designed for multilayer investments using various cryptocurrencies.
This activity is particularly significant given that cryptocurrency transactions remain illegal in Vietnam.
Users of the network could open accounts and convert Vietnamese dong into digital tokens like USDT and Ethereum.
These digital assets were then transferred into electronic wallets specifically for online gambling purposes.
At its operational peak, the criminal network boasted an impressive 20,000 users managing approximately 25 million accounts.
Some users earned commissions by recruiting new participants through Telegram and other social media platforms.
Vietnam’s internet service providers have blocked access to Telegram since June following government warnings about illegal activities on the platform.
The government reported that up to 68% of 9,600 Telegram channels used by Vietnamese citizens contained harmful content.
This case follows another major crypto fraud incident reported in February, where nearly 60 individuals were arrested in Cambodia and Vietnam.
That separate ring allegedly stole millions of dollars from Vietnamese nationals through a fraudulent Bitcoin investment mobile application. – AFP
