4 siblings lead $3.8B gambling ring under guise of cryptocurrency investment scheme

Four Vietnamese siblings allegedly orchestrated a $3.8 billion gambling ring, allowing players to place bets using USDT, ETH, and Naga tokens while earning commissions for recruiting new participants.


Huynh Long Nhu is arrested for organizing gambling. Photo by Tuong Van

Ho Chi Minh City police are expanding their investigation into the ring led by Huynh Long Nhu, 32, alongside his brothers Huynh Long Tu and Huynh Long Bach, and their sister Huynh Thi Ha Tay, upon request by the prosecutors.

The police have recommended that prosecutors charge Nhu, Tu, and Tay, along with nine other defendants, with organizing gambling and gambling, while Bach and 20 others should face charges of organizing gambling. An additional 10 members are set to be prosecuted for gambling.

An Indian national, Bhatia Mohit, 32, believed to be the mastermind behind the operation, remains at large along with several other suspects.

Police described the case as "exceptionally large-scale", with the gambling network running from early 2020 until its dismantling at the end of 2021. Investigators discovered that over 25,000 accounts were registered across websites operated by Nhu and Bach, facilitating bets totaling $3.8 billion.

The siblings hired skilled IT experts, including foreign nationals, to develop and maintain the gambling platforms Swiftonline.live and Nagaclubs.com, which were linked to the international betting site Evolution.com. They also rented online card game portals based overseas to support their operations.

Nhu oversaw Swiftonline.live, while Bach controlled Nagaclubs.com, which alone had over 5,000 registered accounts.

Multi-level investment scheme

The group lured players by promoting the operation as a financial investment in digital currency using a multi-level marketing model, promising daily profits of 1% to 1.5%.

Players were encouraged to register for "insured" betting, which guaranteed a refund if they lost. Participants could also earn commissions by recruiting new players into the scheme.

To take part, users had to create an account on Swiftonline.live, buy USDT using Vietnamese currency through exchanges like Remitano or Binance, or purchase from other players. The cryptocurrency was then transferred to the Swiftonline.live e-wallet, where it could be used for gambling.

A minimum deposit of 20 USDT ($20) was required to start betting. Winnings could be withdrawn only when an account held at least 20 USDT. Players could transfer funds back to virtual wallets on Remitano, Binance, or sell them to other players for cash conversion.

Similarly, gamblers using Nagaclubs.com deposited ETH or USDT, which was automatically converted into Naga tokens for use on the platform.

Nagaclubs.com also adopted a multi-level commission structure, ranking participants from VIP 1 to VIP 10, based on the number of recruited players and the amount gambled. The system automatically distributed commissions in digital currency into users' gaming accounts.

The investigation revealed that the gambling ring generated significant profits. Nhu and his accomplices amassed approximately $2.2 million from the site they oversaw, while Bach's group earned over $2.5 million.

The illicit proceeds were used to purchase real estate, cars, and land, with a portion transferred overseas, raising concerns over money laundering.

Authorities are now pursuing further legal action against those involved while continuing efforts to track down other fugitives.
VietBF@ Sưu tập