Initial investigations reveal a tightly organized operation involving coordination between foreign and domestic actors.

Around March 2025, Xiang Guoquan met with Hiep and Huy to plan the launch of an e-commerce trading platform named “Merry Trade” in the Vietnamese market. The group developed a mobile application bearing the same name, which Xiang directly controlled and operated.

To legitimize the scheme, the suspects established Merry Global Co., Ltd. in Da Nang, with Tran Viet Huy listed as director. The company was registered with a declared charter capital of VND10 billion (US$410,000) and a prime office location, creating the illusion of a reputable and financially capable enterprise.

In reality, “Merry Trade” functioned as a controlled digital game. The group aggressively promoted the platform through seminars in multiple localities, presenting themselves as “leaders” and delivering persuasive talks about the future of e-commerce while promising high returns to attract participants.

Victims were instructed to deposit funds in USDT, which were then converted into “points” within the app. These points, however, had no real-world value. Initially, participants were allowed to withdraw small amounts to build trust. Once larger sums were invested, accounts were locked under pretexts such as technical errors or system upgrades.

Between September and November 2025, the group is believed to have defrauded victims across the country, appropriating tens of billions of VND.

Authorities said the case remains under further investigation and is being expanded to identify additional suspects and victims.

Le Duong