Fraud and scams are not uncommon, especially in the digital age. The popularity of social media and easy access to the internet enable bad actors to easily engage with victims across the globe, putting their finances and personal information at risk.
In one recent crypto investment scheme, four siblings are facing allegations for their involvement in what appeared to be a massive illegal gambling ring that facilitated close to $4 billion in bets. The culprits allegedly enabled victims to gamble with a range of cryptocurrencies, including ETH, USDT and Naga tokens. At the same time, the victims were promised commissions when recruiting new members while the organizers earned millions of dollars.
Law Enforcement Busts Gambling Ring
As announced by the media outlet VNExpress, a 32-year-old Indian national, identified with the initials B.M., is recognized as the mastermind behind the cryptocurrency investment scheme. While four dozen gambling ring members and organizers have already been detained, the Indian national, along with other likely suspects, remains at large.
The Ho Chi Minh City police confirmed that it is expanding the investigation into the illegal gambling ring which was allegedly operated by a 32-year-old man identified with the initials H.L.N. He, together with his two brothers, H.L.T. and H.L.B., as well as their sister, H.T.H.T., are believed to have been involved in the operation of the gambling ring.
Besides the four siblings, police arrested 30 more individuals suspected of being involved in organizing gambling and gambling. Per the law enforcement’s investigation, the massive gambling ring operated for two years since early 2020 until the end of 2021.
Suspects Face Charges, Investigation Continues
The number of customer accounts on two gambling platforms, operated by the illegal gambling ring were more than 25,000. Allegedly, the organizers of the illegal gambling ring operated and maintained Swiftonline.live and Nagaclubs.com with the help of IT experts, some of whom were foreign nationals. Overall, the gambling platform processed some $3.8 billion in bets, the investigation by law enforcement suggests.
H.L.N., suspected of running the illegal gambling ring, together with his siblings, N.L.T. and H.T.H.T., are facing charges for gambling and organizing gambling. Another nine suspects are facing the same type of charges. On the other hand, H.L.B. and 20 other suspects are facing charges only for organizing gambling. Ten more suspects are hit only with gambling charges, while law enforcement continues to investigate the case and potentially identify further individuals involved in the scheme.
H.L.N. and his accomplices allegedly earned some $2.2 million after overseeing Swiftonline.live. On the other hand, his sibling, H.L.B., was allegedly in charge of Nagaclubs.com. For his part, H.L.B. and his accomplices allegedly earned more than $2.5 million. It is yet to be determined how many others have been involved in the scheme and what penalties the suspects may face if found guilty.