Vietnamese ‘Crypto Queen’ Arrested in Bangkok After $300M Scam

Thai authorities arrested a Vietnamese woman known as "Madam Ngo" who was wanted by Interpol for her central role in a sprawling investment scam involving cryptocurrency and forex trading. According to VN Express, Ngo Thi Theu, 30, was apprehended on Friday by the Crime Suppression Division (CSD) at a hotel in Bangkok’s Watthana district.

The arrest follows months of investigation and international coordination. Ngo had been the subject of an Interpol Red Notice and was also wanted by police in Hanoi. She is accused of concealing criminal activity and spearheading one of Vietnam’s largest financial scams to date, which defrauded over 2,600 victims out of $300 million.

An Elaborate Fraud

Authorities say Ngo was a key member of a criminal network that operated sophisticated fraudulent investment schemes. These scams promised returns of 20% to 30% per month through forex and cryptocurrency trading. The group held flashy seminars, deployed influencers, and crafted a slick social media presence to lure victims.

The fraud's structure closely resembled a pyramid scheme. Investors were encouraged to recruit others and were rewarded with commissions. Early participants were allowed to withdraw small sums of profit to establish trust. Once large deposits were made, the scammers cut off all communication.

A Web of Deceit Across Southeast Asia

The scale of the operation was immense. Led by a Turkish national, the network reportedly included 35 Vietnamese accomplices and employed over 1,000 staff. It operated from at least 44 fake call centers across Vietnam, including in major cities like Hanoi, Ho Chi Minh City, Da Nang, and Hoi An. Some operations also extended into Cambodia, with branches set up in Phnom Penh.

Even while hiding in Thailand, Ngo remained involved. She continued receiving cash through mule accounts in Vietnam. The funds were smuggled into Thailand and withdrawn in batches of around 1 million baht (approximately $30,800) to avoid detection.

Arrest in Thailand and Confession

Thai authorities, in coordination with immigration officers, tracked Ngo to a Bangkok hotel. She was arrested along with two Vietnamese men—Ta Dinh Phuoc and Trong Khuyen Trong—who served as her bodyguards. All three were charged with visa overstay violations and taken into custody.

During interrogation, Ngo admitted to her role in promoting fraudulent investments. She told investigators that while she received a portion of the swindled funds, the majority went to the scam’s Turkish ringleader. Her share, she confessed, was laundered into real estate assets in Vietnam.

Rising Trend in Crypto and Financial Scams

This arrest comes at a time when crypto-related scams are on the rise globally. In 2024, Kaspersky detected over 10.7 million cryptocurrency-themed phishing attacks—an 83% surge from the previous year. Financial fraudsters are increasingly targeting platforms like PayPal, Mastercard, and popular e-commerce brands, with phishing attempts becoming more personalized and sophisticated.

The use of fake websites mimicking banks and shopping sites like Amazon and Alibaba has spiked. In particular, phishing attempts targeting Mastercard nearly doubled in 2024. Meanwhile, malware aimed at stealing crypto assets from mobile users grew significantly, especially in countries like Türkiye, Indonesia, and India.

Crypto Scams Exploiting Trust and Technology

The case involving Ngo highlights a disturbing trend: criminals are blending old-school fraud tactics with modern technology to deceive victims. They tap into public fascination with cryptocurrencies like Bitcoin, Ethereum and even stablecoins and exploit the general lack of financial literacy. By using social media influencers and promising fast profits, they create an illusion of legitimacy.

What makes these scams especially dangerous is how quickly they evolve. Criminals often pivot between tactics, switching from pyramid schemes to phishing or malware, depending on what garners the most return with the least risk.

Governments in Asia and beyond are now stepping up their efforts. Cross-border collaboration between law enforcement agencies is becoming more frequent, especially in cases involving digital finance. But the pace of innovation in fraud tactics continues to challenge even the most experienced investigators.