BANGKOK – Crime Suppression police have arrested a Vietnamese woman, wanted by Interpol for her role in a crypto pyramid scam that targeted more than 2,000 people in Vietnam, causing losses of around US$300 million.
Ngo Thi Theu, known as “Madam Ngo”, was detained at a hotel in Bangkok’s Watthana district along with her two bodyguards.
Ngo Thi Theu, 30, was wanted on an Interpol Red Notice and a warrant from Hanoi police for hiding criminal activity, according to Crime Suppression Division (CSD) chief Pol Maj Gen Wittaya Sriprasertparb.
Authorities in Vietnam say she played a major role in a group that tricked people into fake investment schemes using online trading platforms.
The scam promised quick profits of 20-30% each month. The organizers worked with celebrities and popular influencers to build trust and attract more investors. Victims were invited to events that claimed the investments were safe and would bring fast returns.
They were also offered commissions for referring others, making it work much like a pyramid scheme.
In the early stages of the crypto scam, victims could withdraw small amounts to make the scheme appear genuine. But when they invested larger sums, the group cut off all contact. In total, over 2,600 people were affected, with losses topping $300 million.
Investigators found that a Turkish national led the operation, supported by 35 Vietnamese partners. The group had 44 offices across Vietnam, including in big cities like Hanoi, Ho Chi Minh City, Da Nang, and Hoi An.
The network had more than 1,000 employees and also set up branches in Phnom Penh, Cambodia, according to police.
Vietnamese police later discovered Ngo Thi Theu had fled to Thailand. They worked closely with Thai authorities and managed to track her down and arrest her.
Crypto and Pyramid Scams in Vietnam
Under Vietnam’s law, pyramid schemes are treated as serious crimes. The main legal rules are found in the 2015 Criminal Code (amended in 2017), especially Article 174 (Fraudulent appropriation of property) and Article 290 (Using computer or telecom networks to commit fraud).
Article 174 covers property fraud, with prison terms from 2 to 7 years for smaller cases. If the crime is large, organized, or causes serious harm, the penalty can go up to 12 to 20 years or even life in prison. The court can also impose large fines.
Article 290 deals with online scams. Prison sentences range from 1 to 5 years for basic offences, rising to 7 years for bigger or organized scams. Fines can reach up to VND 1 billion (about USD 40,000).
Vietnamese courts have handed out harsh sentences for large frauds, including life in prison or even the death penalty in extreme cases, like the 2024 case of Truong My Lan. Though her case was broader, it shows how seriously Vietnam takes large-scale financial crimes, especially under its ongoing anti-corruption drive.
Crypto and Pyramid schemes are treated as a type of fraud that threatens financial security in Vietnam. Organizers and repeat offenders face the toughest penalties. The government’s strong anti-corruption campaign has led to stricter checks and tougher action against these crimes.
