Vietnamese “cryptic queen” arrested in Bangkok after a $300 million fraud

Thai authorities have arrested a Vietnamese woman known as “Madame Ngo” who was wanted by Interpol for her central role in a vast investment scam, including cryptocurrency and forex trading. According to VN Express30-year-old Ngo Thi thi was arrested by the Crime Repression Unit (CSD) at a hotel in Bangkok’s Wattana district on Friday.

Arrest Continue Months of research and international coordination. The NGO was subject to Interpol’s red notification and was also sought by the Hanoi police. She is accused of hiding criminal activities and leading one of Vietnam’s biggest financial fraud to date, scaming more than 2,600 victims of the $300 million dollars.

Ngo Thi theu was taken into custody in Bangkok on May 23, 2025 (Image: Vn Express)

Elaborate scams

Authorities say that NGOs are key members of the criminal networks that have run sophisticated fraudulent investment schemes. These scams have promised a monthly return of 20% to 30% through forex and cryptocurrency transactions. The group has organized flashy seminars, deployed influencers and created a smooth social media presence to seduce victims.

The structure of fraud was very similar to the pyramid scheme. Investors were encouraged to recruit others and the fees were rewarded. Early participants were allowed to extract a small number of benefits to establish trust. Once massive deposits were created, the con artists blocked all communication.

Southeast Asian deception web

The scale of the operation was immeasurable. The Turkish citizen-led network includes 35 Vietnamese accomplices and employs more than 1,000 staff. It was operated from at least 44 fake call centres across Vietnam, including major cities such as Hanoi, Ho Chi Minh City, Da Nang and Hoi An. Some of the businesses expanded to Cambodia, with branches set up in Bnompen.

Even while hiding in Thailand, NGOs remained involved. She continued to receive more cash than Lava Akha in Vietnam. The funds were smuggled into Thailand and retreated in a batch of about 1 million baht (approximately $30,800) to avoid detection.

Arrest and confession in Thailand

Thai authorities worked with immigration officers to track the NGOs down to the Bangkok hotel. She was arrested along with two Vietnamese men, Dainyupuoc and Tronk Entron. All three were charged with Visa overstay violations and were taken into custody.

During questioning, the NGO recognized her role in promoting fraudulent investment. She told investigators that she received some of the funds that were scammed, but the majority went to the Turkish mastermind of the fraud. Her share has been washed into Vietnamese real estate assets, she confessed.

Cryptocurrency and financial fraud

This arrest comes at a time when cryptography-related fraud is on the rise worldwide. In 2024, Kaspersky detected over 10.7 million cryptocurrency themed phishing attacks. This was a surge of 83% from the previous year. Financial scammers are increasingly targeting platforms such as PayPal, MasterCard and popular e-commerce brands, and phishing attempts are becoming more personalized and refined.

The use of fake websites that mimic banks and shopping sites such as Amazon and Alibaba has skyrocketed. In particular, phishing attempts targeting MasterCard almost doubled in 2024. Meanwhile, there has been a significant increase in malware aimed at stealing crypto assets from mobile users, particularly in countries such as Türkiye, Indonesia and India.

Crypto fraud that leverages trust and technology

Incidents involving NGOs highlight disturbing trends. Criminals are cheating victims by combining traditional fraud tactics with modern technology. They take advantage of the public appeal with cryptocurrencies like Bitcoin, Ethereum And more stablecoins And it takes advantage of 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 particularly dangerous is how quickly they evolve. Criminals often switch from pyramid schemes to phishing and malware, pivoting between tactics depending on which ones earn the most returns because they are at the lowest risk.

Governments in Asia and beyond are now bolstering their efforts. Cross-border collaboration between law enforcement is becoming more frequent, especially when digital finance is involved. However, the pace of innovation in fraud tactics continues to challenge even the most experienced investigators.