Colonel Nguyen Duc Long, Deputy Director of the Hanoi Police Department, revealed the latest development in the ongoing investigation tied to the AntEx cryptocurrency project, which has rocked Vietnam’s tech and investment communities.

Along with Nguyen Hoa Binh, two other individuals - Nguyen Huu Tuat and Do Cong Dien - have also been charged with tax evasion.

Prior to this, Binh had already been indicted on charges of “fraudulent appropriation of assets” and “violating accounting regulations causing serious consequences.”

According to Colonel Long, investigators have frozen and seized assets including cash, gold, and property titles with a total estimated value of approximately USD 36 million.

Back on October 10, Hanoi’s Criminal Police Department officially launched a criminal investigation, arrested Binh and several accomplices, and placed them in temporary detention for their alleged involvement in the AntEx project.

Authorities allege that although the AntEx project was launched, it was never properly implemented. Binh and other shareholders of the NextTech Group allegedly used the AntEx project as a front, directing investors’ funds into various cryptocurrency platforms and other financial instruments under different aliases.

This scheme caused significant losses to both individual investors and companies. Investigators estimate that as many as 30,000 people fell victim to the fraudulent operation. NextTech, the company Binh co-founded, has since ceased operations.

In addition to seizing assets such as nearly 600 gold bars, 18 land ownership certificates, two vehicles, and large sums of money, authorities say they have evidence of financial cover-ups.

Colonel Long reported that Binh ordered subordinates to forge documents, contracts, and payment receipts in an effort to conceal illicit financial transactions. These actions resulted in substantial financial damage to investors and violated numerous financial regulations.

Dinh Hieu