Ho Chi Minh City police are intensifying their investigation into a large gambling operation led by Huynh Long Nhu and his siblings, who face charges for organizing illegal gambling. Along with an Indian suspect believed to be the mastermind, the group reportedly ran a network from early 2020 to late 2021, with over 25,000 accounts and bets amounting to $3.8 billion. They promoted the operation as a digital currency investment scheme that promised high returns, recruiting participants through multi-level Marketing tactics. The illicit profits funded luxury purchases and raised money laundering concerns. Authorities continue to hunt down additional suspects linked to the ring while taking legal action against those arrested.
Ho Chi Minh City Police Crack Down on Large-Scale Gambling Ring
Ho Chi Minh City police are deepening their investigation into a significant gambling operation reportedly led by 32-year-old Huynh Long Nhu and his siblings. As part of the ongoing case, the police have uncovered serious allegations against Nhu, his brothers Huynh Long Tu and Huynh Long Bach, and their sister Huynh Thi Ha Tay, as they face charges for organizing illegal gambling activities.
According to the police, the authorities have recommended charges against Nhu, Tu, Tay, and nine other defendants for their involvement in organizing gambling. In addition, Bach and twenty others are also set to face charges. An Indian national, Bhatia Mohit, who is believed to be the mastermind behind the gambling ring, remains at large.
The investigation into this operation has been described as “exceptionally large-scale.” The gambling network ran from early 2020 until late 2021, during which time over 25,000 accounts were registered. These accounts facilitated bets amounting to a staggering $3.8 billion.
The siblings used advanced IT skills, hiring both local and foreign experts to create and maintain two primary gambling platforms: Swiftonline.live and Nagaclubs.com. These sites were associated with a larger international betting site, Evolution.com, and allowed players to register and engage in gambling activities.
Multi-level Investment Scheme
To draw players in, the group marketed their operation as a lucrative investment opportunity in digital currency using a multi-level Marketing approach, promising daily profits ranging from 1% to 1.5%. Participants were encouraged to sign up for “insured” betting, which they claimed guaranteed refunds on losses. Additionally, people could earn commissions by recruiting new players.
To begin gambling, users were required to create an account on Swiftonline.live, purchasing cryptocurrency through exchanges like Remitano or Binance. A minimum deposit of 20 USDT ($20) was needed to start betting, with withdrawals allowed only after meeting a balance threshold. The same structure was used on Nagaclubs.com, where users had to deposit either ETH or USDT.
Uncovering Significant Profits
The investigation revealed that the gambling ring was extremely profitable. Nhu and his associates reportedly generated about $2.2 million, while Bach’s faction earned over $2.5 million. The profits were used to purchase luxury items, property, and vehicles, with some funds appearing to be moved overseas, raising concerns about potential money laundering.
With these developments, authorities are now pursuing legal action against all involved, while they continue to search for other suspects who remain at large.
This case serves as a cautionary tale about the risks associated with online gambling and the potential legal consequences for those engaged in such activities.
Keywords: gambling ring, Ho Chi Minh City, organized gambling, law enforcement, online betting, digital currency.
What were the siblings accused of?
The four siblings were accused of running a huge gambling ring worth $3.8 billion. They pretended it was a cryptocurrency investment scheme, tricking many people into investing.
How did the scheme work?
They collected money from investors, promising high returns through a fake cryptocurrency. Instead of investing the money, they used it for their own benefit, which is why it’s considered a scam.
What happened when they were caught?
When the authorities found out about their operation, they arrested the siblings. They are now facing serious legal charges for fraud and money laundering.
Can investors get their money back?
Getting money back can be tough. It depends on the legal process and if there are any funds left to recover. Victims may need to work with lawyers to explore their options.
What should I watch out for in cryptocurrency investments?
Be cautious of promises of quick profits and too-good-to-be-true schemes. Always do research, verify the legitimacy of the investment, and consult trusted financial advisors before investing.