- Arrest of “Madam Ngo” exposes a $300M crypto scam targeting over 2,000 investors.
- Scam gang lured victims with fake 30% crypto returns, used mules to launder funds.
- Authorities uncovered real estate laundering and broader organized crypto fraud links.
A major breakthrough in the global fight against financial cybercrime has taken place. Vietnamese authorities, with the support of Thailand’s Crime Suppression Division (CSD), arrested Ngo Thi Theu infamously known as “Madam Ngo.”
The 30-year-old fugitive is believed to have orchestrated one of Southeast Asia’s largest crypto scams, targeting over 2,000 individuals and raking in nearly $300 million. Theu was captured at a luxury hotel in Bangkok, where she had been hiding with two bodyguards. Her arrest marks a significant blow to cross-border crypto fraud operations in the region.
Criminal Network Lured Thousands With Fake Crypto Promises
According to investigators, Theu operated as a central figure in a criminal enterprise involving more than 1,000 members. The gang attracted victims by promising unrealistic returns of 20% to 30% on cryptocurrency investments. However, once the funds were deposited, investors found they couldn’t access their so-called profits.
Besides manipulating investors, the group used financial mules to funnel stolen assets through accounts held by Vietnamese nationals. This tactic helped mask the money trail.
The scam continued unchecked until victims began reporting the fraud, triggering a major probe by Vietnamese police. Consequently, an international alert was issued via Interpol, prompting Theu to flee across borders.
Laundered Millions Funneled Through Real Estate
Following her arrest, Theu admitted to laundering her share of the scam’s proceeds through real estate deals in Vietnam. Authorities believe she used shell companies and straw buyers to purchase properties and conceal illicit earnings. Moreover, Thai police are now coordinating with Vietnamese counterparts to seize these assets.
Significantly, the arrest sheds light on a broader issue crypto scams rooted in Southeast Asia are becoming increasingly organized and ruthless. Earlier this year, Thailand cut power to border areas in Myanmar in a bid to dismantle scam compounds. Many of these sites reportedly detain forced laborers tasked with running online frauds.
