Almost all eight of the founders of Modern Tech used to take part in or were leaders of multi-level business companies working with cryptocurrency.

Modern Tech has been forced to leave its office after the scandal

There are eight founders and shareholders of Modern Tech Co., Ltd., which has been protested against for a VND15-trillion ($0.66 million) case of swindling through mobilising capital in cryptocurrencies iFan and Pincoin. The company’s charter capital is VND100 billion ($4.4 million), with each shareholder owning 12-15 per cent.

Vu Huu Loi (1979) holds the largest proportion with 15 per cent, equivalent to VND15 billion ($6.6 million). He has been introduced as chairman at investment mobilisation events. He is known as “king of multi-level business,” a dollar millionaire, and senior leader of Vision Vietnam Company Limited, a subsidiary of Vision International People Group.

This group has two pharmaceutical production facilities based in France and Ireland, and its pharmaceutical products are delivered to over 100 countries worldwide. In the introduction on its website: www.visionvietnam.vn, this group promises the highest bonus ever for distributors.

Ho Xuan Van owns the second largest slice with 13 per cent. He serves as the legal representative and general director of Modern Tech. He was born in 1988 and is now living at a premium urban area in District 2, Ho Chi Minh City.

Before establishing Modern Tech, Van was the leader of cryptocurrency Bitkingdom, which attracted 200,000 members at the end of 2016. He said this model aimed to connect people to help each other out from poverty and was not a multi-level business.

The remaining six shareholders of Modern Tech each hold 12 per cent of the shares. They are Ho Phu Ty, Luu Trong Tuan, Luong Huynh Quoc Huy, Nguyen Trung Hieu, Nguyen Duc Trong, and Bui Thi Ngoc My.

Of these, Ngoc My (1988) used to be the leader of Trident Crypto Academy Co., Ltd., located in District 1, Ho Chi Minh City, which was established last year. Last year, this company forged the licence of the Ministry of Planning and Investment to conduct business with its Onecoin e-currency.

Although not being a founder and shareholder, Le Ngoc Tuan (also known as Tuan “Scam”) worked for Modern Tech as a leader of iFan. He is adept at multi-level business and professional investment. He confirmed building a 30,000-member community in a single week.

“I gain around $20,000 each day from this model. The only one weakness is that leaders earn so much without doing anything,” Tuan shared with the community and promised huge profits for investors in this cryptocurrency.

Earlier on April 8, dozens of investors visited the headquarters of Modern Tech Co., Ltd. at Nguyen Hue Street, District 1, Ho Chi Minh City to protest against the company’s appropriation of over VND15 trillion ($0.66 billion) in cryptocurrency. The company called for investment into its cryptocurrency by committing to payout 48 per cent of its profit every month and paying back the original investment within four months.

After the protest, the office leasing contract of Modern Tech has been cancelled by the property owner, forcing the firm to vacate its office at the ninth floor of the Vietcomreal building on Nguyen Hue Street.

Deputy Prime Minister Vuong Dinh Hue has just directed six ministries and agencies to investigate and handle the $0.66-billion cryptocurrency swindle.

Prime Minister Nguyen Xuan Phuc has just issued Directive No.10/CT-TTg, asking the State Bank of Vietnam to direct all banks and credit organisations not to do transactions related to cryptocurrency, and the Ministry of Justice to formulate a legal framework on the management and handling of cryptocurrencies.

VIR