Vietnamese director, boyfriend arrested for allegedly defrauding 200 people of $23.5 million for forex trading

Authorities in Bắc Ninh province, Vietnam, have arrested a businesswoman and her boyfriend on charges of fraud, accusing them of swindling over 200 individuals out of an estimated 600 billion Vietnamese dong (approximately $23.5 million USD).

Lê Thị Kim Nhung, 43, and her boyfriend Ngô Tiến Tiếp, 43, allegedly established a shell company to solicit investments. They reportedly promised victims monthly returns of 10-20%, assuring them of no risk and the ability to withdraw funds with three days' notice. The company, initially involved in labor supply and visa services, had reportedly fallen into debt due to COVID-19 impacts, owing 15 billion dong in taxes.

Investigators claim Nhung and Tiếp lost money trading on the Exness forex platform and used the newly raised capital to cover previous investors' payouts and fund further trading. Nhung's brother, Lê Thế Chín, and the company's accountant, Hoàng Thị Tuyên, are also implicated in the scheme, accused of facilitating the fundraising and client acquisition.

During a search of Nhung's properties, police seized 1,874 investment contracts and other relevant documents. The investigation is ongoing, with authorities noting that victims had participated in multiple investment packages, some worth tens of millions of dong.

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The suspects allegedly created fake investment contracts promising high monthly returns to lure victims into their scheme.