- Vietnamese authorities arrested “Madam Ngo,” a fugitive wanted by Interpol for leading a crypto scam.
- The scheme resulted in losses of over $300 million and affected more than 2,000 victims.
- Ngo Thi Theu was apprehended in Bangkok, Thailand, along with her two bodyguards.
- Theu admitted to laundering her gains through Vietnamese real estate.
- The scam is part of widespread fraudulent activity linked to criminal gangs in Southeast Asia.
Vietnamese police have captured “Madam Ngo,” also known as Ngo Thi Theu, who was wanted by Interpol for organizing a massive crypto fraud operation. Authorities apprehended the 30-year-old in a Bangkok hotel, where she was found with two bodyguards. She had fled to Thailand after being placed on Interpol’s wanted list.
According to local news reports, the scheme involved more than 1,000 individuals who promised investors 20–30% returns on cryptocurrency products. Victims, totaling over 2,000 people, were unable to withdraw their funds, resulting in combined losses surpassing $300 million.
Theu reportedly managed money “mules” to move funds from victims to Vietnamese nationals. She later claimed, under questioning by Thailand’s Crime Suppression Division (CSD), that her portion of the earnings was laundered through Vietnamese real estate.
A large share of crypto scams originate from gangs operating in Southeast Asia. Earlier in the year, Thai authorities cut power to parts of Myanmar in an attempt to disrupt scam compounds located along the border.
Thousands of individuals have reportedly been held in such compounds and were forced to conduct fraudulent activities, including fake initial coin offerings (ICOs). One such compound was connected to $100 million in Tether obtained through so-called “pig-butchering” scams, which are online schemes tricking victims into false investment opportunities.
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