Vietnamese authorities have launched a sweeping criminal investigation into a large-scale cryptocurrency scheme linked to the ONUS ecosystem, accusing key individuals of defrauding investors and laundering money in a case involving billions of US dollars.

On March 23, the Ministry of Public Security’s Investigation Security Agency initiated criminal proceedings into alleged offenses of “appropriating property through computer networks, telecommunications networks or electronic means” and “money laundering” across Hanoi and several provinces and cities.

The case follows a coordinated crackdown led by the Economic Security Department in collaboration with the Investigation Security Agency and police units in Hanoi, Ho Chi Minh City, Can Tho, Da Nang and Dak Lak. Over several days, authorities conducted simultaneous searches and summoned more than 140 individuals for questioning.

Investigators seized computers, mobile phones, electronic data, assets and a large volume of documents, while taking measures to prevent the destruction of evidence and the dispersal of assets, aiming to limit further losses for victims.

According to investigators, the network operated on a particularly large scale, mobilizing billions of US dollars from investors through the ONUS digital asset ecosystem.

Authorities identified key suspects including Vuong Le Vinh Nhan, born in 1984 and residing in Can Tho, CEO of a digital asset management company; Tran Quang Chien, born in 1991 and residing in Hanoi, who managed the technical operations of the ONUS crypto exchange; and Ngo Thi Thao, born in 1994 and residing in Ho Chi Minh City, Director of HANAGOLD Jewelry Company.

Since 2018, the group is alleged to have created and issued multiple cryptocurrencies, including VNDC, ONUS and HNG, which were marketed and sold to investors through the ONUS platform.

To build trust and attract funds, Vuong Le Vinh Nhan allegedly directed the dissemination of misleading promotional information about these digital assets. Investigators say the group also conducted transactions to create artificial supply and demand, manipulating and adjusting token prices to serve their objectives.

On March 24, authorities issued decisions to prosecute and detain Vuong Le Vinh Nhan, Tran Quang Chien, Ngo Thi Thao and four other individuals on charges of appropriating property via electronic means under Article 290 of the Penal Code. Another suspect was charged and detained for money laundering under Article 324.

The Supreme People’s Procuracy approved the prosecution decisions and detention orders.

The Ministry of Public Security said the investigation is ongoing in coordination with the Supreme People’s Procuracy to clarify the full scope of the case and the criminal conduct of those involved.

Authorities have also called on victims and related parties to come forward and cooperate with investigators as the case continues to unfold.

Dinh Hieu