Ho Chi Minh City police are intensifying their investigation into a large gambling operation led by Huynh Long Nhu and his siblings. They are facing charges for organizing gambling along with nine others, while additional suspects remain at large. The operation, which ran from 2020 until late 2021, included over 25,000 registered accounts and facilitated bets totaling $3.8 billion. The group marketed their gambling scheme as a digital currency investment, promising high returns. They also used multi-level Marketing strategies, allowing players to earn commissions by recruiting others. The investigation revealed substantial profits, with some funds potentially funneled overseas, raising suspicions of money laundering. Authorities are actively pursuing further legal actions against those involved.
In Ho Chi Minh City, a major investigation is ongoing into a large-scale gambling operation led by Huynh Long Nhu, aged 32, and involving his family members, including his brothers and sister. The police are expanding their inquiry and have recommended charges against Nhu, his brothers Huynh Long Tu and Huynh Long Bach, as well as their sister Huynh Thi Ha Tay, along with several others for organizing and participating in gambling activities.
This investigation highlights a sophisticated gambling network that has been operational since early 2020, allegedly accumulating a staggering total of $3.8 billion in bets through over 25,000 registered accounts across various platforms. An Indian national, Bhatia Mohit, is believed to be the mastermind behind the scheme and remains at large.
The operation, which focused on online gambling sites Swiftonline.live and Nagaclubs.com, was marketed as a unique investment opportunity in digital currency, promising substantial daily profits. Players were incentivized to recruit others, creating a multi-level Marketing structure tied to their gambling activities.
Key points of the gambling ring include:
- Investment Model: The operation lured individuals by presenting betting as a financial investment, ensuring a commission for each new participant they brought in.
- Digital Currency Usage: Players could purchase cryptocurrency and place bets on the platforms, needing a minimum deposit to begin participating.
- Significant Profits: The gambling ring reportedly generated around $2.2 million and $2.5 million in profits for Nhu and Bach respectively, funding purchases of luxury items and raising concerns about money laundering.
With the police continuing their search for more suspects and further legal actions underway, this case serves as a reminder of the complexities and risks associated with illegal gambling operations in the digital age.
Key Tags: gambling, Ho Chi Minh City, Huynh Long Nhu, online gambling, illegal activities, investigation.
What happened with the four brothers’ gambling ring?
Four brothers led a big illegal gambling operation disguised as a cryptocurrency investment scheme. They tricked many people out of their money, with total losses reaching $3.8 billion.
How did the brothers run their scam?
They presented their gambling activities as a smart cryptocurrency investment to attract investors. They used flashy Marketing and promises of high returns, which made the scheme look legitimate.
Were the brothers caught?
Yes, law enforcement agencies investigated the case and arrested the brothers. Their operation was exposed, and now they face serious legal consequences for their actions.
What should people do to avoid similar scams?
To stay safe, always research before investing. Look for regulated companies, be cautious of too-good-to-be-true offers, and spread your investments instead of putting everything into one place.
Is cryptocurrency always a scam?
No, not all cryptocurrency investments are scams. However, it’s essential to do thorough research, consult experts, and understand the risks involved before investing in cryptocurrencies.