How did the mastermind of the 88,000 billion VND gambling ring dispose of the assets?

The above accusations against Nhu, 32 years old; Huynh Long Bach, 34 years old (Nhu's brother) and 2 younger siblings Huynh Long Tu, Huynh Thi Tay Ha and nearly 50 accomplices were stated by Ho Chi Minh City Police in the issued investigation conclusions, proposing prosecution for organizing gambling; gambling... However, the authorities continue to investigate and supplement many criminal signs of this network, including money laundering.

The previous investigation results determined that Nhu and Bach were the leaders of an extremely large online gambling ring using digital currency with about 25,000 accounts created on sites run by the defendants. The amount of money players used to gamble was especially large, about 3.8 billion USD (equivalent to 87,612 billion VND). Of which, Nhu operated the line through the Swiftonline.live page and Bach operated the line through the Nagaclubs.com page.

During the investigation, Nhu confessed that he started playing with virtual currency in 2016 and got to know Pham Thi Mai Ngan. In early 2020, Nhu and Ngan met Bhatia Mohit (32 years old, Indian nationality), who introduced him to a multi-level model of investing in virtual currency in the form of online gambling.

Mohit built and managed the website system: Queenpro.com, which was linked to a game portal rented from Evolution Gaming (server located abroad). Nhu was hired by Mohit as the general agent to develop Queenpro.com in Vietnam. The Queenpro.com platform operated for a few months and then changed its name to many different domain names. In June 2021, it was changed to Swiftonline.live until it was arrested at the end of that year.

Nhu is responsible for promoting the image, building and developing the system, attracting gamblers by calling on players to participate in digital currency financial investment in the form of online card games, ensuring a profit of 1.5% per trading day (a month has 12 trading days, equivalent to a profit of 25%/month); if the game loses, the lost amount will be refunded (insurance) plus a profit of 1.5%/day. The more people the player introduces to join, the more commissions they will receive and become agents from Level 1 to Level 7, and an additional bonus of 1 - 3% of the money used by new players for gambling.

To attract players, Nhu and his accomplices organized training classes through the online meeting application (Zoom) to instruct players on investment models, how to manage capital, build personal images, and develop their own agents. Nhu also trained team leaders and command reading experts for players; organized events at large hotels in Ho Chi Minh City or traveled to Phu Quoc, Da Lat, Phan Thiet... to promote the investment model.

To participate, players use Vietnamese currency to buy USDT on Remintano, Binance... or buy directly from other players, then transfer USDT to the Swiftonline.live e-wallet.

Police seized and frozen a series of illegal assets

Authorities determined that Nhu had helped Mohit become a general agent since the beginning of 2020, earning an average profit of 20,000 USDT/week (equivalent to 20,000 USD). The total amount the defendant received after conversion was about 53 billion VND.

Nhu said he had converted a portion of the money into Vietnamese currency to invest in real estate, buying apartments in Tan Binh and Tan Phu districts; houses and land in Tan Phu district (43 billion VND). In addition, Nhu also contributed more than 3 billion VND with Bach (contributed 6.9 billion VND) to buy houses and land in Go Vap district for his sister Huynh Thi Tay Ha to register with him with the purpose of bringing her mother from Binh Thuan to Ho Chi Minh City to live with them. Currently, these assets have been seized and frozen.

Fearing being discovered by the police, Nhu also used Pham Thi Mai Ngan to transfer 250,000 USD abroad to buy a house in Slovakia, apply for a visa and buy a plane ticket to escape to Qatar.

In addition, Nhu confessed that he had been trading in virtual currency since 2016 and had made a profit. Before being arrested, he had transferred 8,000,000 USDT (equivalent to 8,000,000 USD) to Mohit to invest in digital currency with him and lent his brother nearly 2 million USD for safekeeping. The investigation agency also froze 2 of Nhu's accounts with a balance of more than 1.7 billion VND.

Similar to the way he operated on Swiftonline.live, Bach established Libra Tech Company and assigned his accomplices to it, then recruited employees to assign tasks and help him run a gambling ring through the NagaClubs.com website with more than 5,500 accounts earning more than 2.5 million USD.

Bach confessed to organizing gambling activities from January to November 2021. When players transferred digital money to the NagaClubs.com exchange, Bach and Quy would create additional e-wallets for players to withdraw money. Every day, Bach assigned Hai to count the amount of money players withdrew.

When the police raided Bach's e-wallets, they found a large amount of various cryptocurrencies, including 2 million USDT (equivalent to 2 million USD) that Nhu had left for safekeeping.

Of the total amount of more than 2.5 million USD collected, Bach used it to pay for the game portal rental fee from Evolution Gaming, rent premises for Libra Tech Company, salaries for employees... and personally benefited about 44 billion VND. The defendant used this money to buy many properties in Go Vap district, asking his sister to register 3 properties. The investigation agency has frozen Bach's account, recording a balance of more than 3 billion VND.

As for Huynh Thi Tay Ha, who was hired by Bach as a treasurer, reporting monthly income and expenses for Libra Tech company. Instead of a salary, Ha was given a game account by her brother as a VIP 10 agent on NagaClubs.com to receive a commission of 800 USD/week. In total, Ha benefited from 320 million VND.

Tu himself used Vietnamese currency to buy Naga many times to deposit into game accounts for gambling but lost every time so he did not gain any illegal profit.

In addition to operating gambling activities on the Swiftonline.live website, Nhu is also a VIP 10 agent member on the floor operated by Bach.

During the investigation, authorities seized a series of electronic evidence; nearly 3 billion VND; more than 19,000 USD; 40,000 AUD; 6 Mercedez and Peugeot cars (about more than 20 billion VND); many land use right certificates; receipts, land purchase and sale deposit contracts...

Investigators identified Bhatia Mohit as the "kingpin" of the ring, but he has since fled. Police are searching for him and several other suspects.