Vietnam is facing a distressing surge in forex trading fraud, leaving countless investors in financial ruin as cunning con artists promise them sky-high returns. The lure of quick riches has attracted hundreds of thousands into a web of deceit, where fraudulent platforms exploit their dreams and hard-earned money.
Just last Tuesday, the veil was lifted on a sprawling illegal trading network based in Hai Phong. Authorities uncovered a labyrinthine operation encompassing 16 platforms, ensnaring more than 115,700 investors who collectively invested a staggering VND7.5 trillion ($326 million).
Among these platforms was Hitoption.net, a seemingly legitimate forex trading site that had duped 969 investors. Operating in the shadows, these platforms allowed investors to place bets on currency movements, touting rapid-fire 30-second predictions. Get it right, and a 95% profit would line your pockets; get it wrong, and your entire investment would vanish.
Previously, the operators also offered an automated solution: robots that would place bets on behalf of investors, guaranteeing a monthly profit ranging from 6% to 15%. But this was just the beginning of the elaborate scheme.
Approximately 100 individuals were employed to make persuasive phone calls, enticing more unsuspecting investors into the fray. A tale of guaranteed gains and easy wealth was spun to ensnare them.
However, the plot thickens. Investigators found that after gaining the investors’ trust, the operators manipulated the robots to ensure losses, leaving investors unable to withdraw their funds. The stark reality was that promises of profit were shattered, and the hard-earned money of thousands vanished into thin air.
But this isn’t an isolated case. Just last month, Hanoi police cracked down on a criminal syndicate operating four illegal trading platforms. A whopping $4.3 million had been invested by 12,000 individuals seeking monthly profits of 15% to 30%. This gang played puppeteer with investors’ accounts, disconnecting their platforms from the global forex infrastructure they claimed to be part of.
Rforex.com, Yaibroker, Vistaforex, Exswiss – these were just some of the 19 websites used by the illicit operators to orchestrate their elaborate scams.
Hanoi police have revealed a chilling truth – Vietnam harbors around 300 illegal forex trading platforms, alluring thousands with their deceitful promises. Dinh Thi Thu Thuy, head of the Hanoi Police’s business branch, sees this as a wake-up call. The absence of State Bank of Vietnam approval for forex trading sites, coupled with the inherent risks of these platforms, means countless unsuspecting investors are courting financial disaster.
Economist Huynh Trung Minh underscores the deception behind these platforms. The guarantee of monthly profits ranging from 6% to 15% acts as a treacherous trap for ordinary investors. Once they’re ensnared, withdrawing their funds becomes an impossible feat, leaving victims trapped in the clutches of financial predators.
Vietnam’s battle against forex trading fraud is far from over, with the web of deceit growing complex and threatening to ensnare more unsuspecting victims. The need for awareness, regulatory vigilance, and investor education is more pressing than ever to shield innocent investors from the allure of easy wealth and expose the true face of these fraudulent platforms.