A family of four Vietnamese siblings has been arrested by police in Ho Chi Minh City after allegedly orchestrating a $3.8 billion gambling ring.
Players were allowed to bet using popular forms of crypto such as ETH (Ethereum), USDT (Tether stablecoin), and Naga Coin, while earning commissions for recruiting new players, according to a report in VN Express – Vietnam’s most read newspaper.
The ring, led by Huynh Long Nhu, 32, alongside brothers Huynh Long Tu and Huynh Long Bach, and sister Huynh Thi Ha Tay, are set to be charged by Vietnamese prosecutors with “organizing gambling and gambling” along with another nine defendants.
An Indian national. Bhatia Mohit, 32, is believed to be the scheme’s mastermind and is still at large, alongside several others the authorities want to speak to.
The group is said to have attracted players by promoting the scheme as a financial investment into crypto, promising daily profits of up to 1.5%.
Once registered, players could choose “insured betting”, guaranteeing a refund if they lost, as well as commissions for signing up new players themselves.
The family is said to have hired overseas IT experts to develop the systems Swiftonline.live and Nagaclubs.com. Police have described the case as “exceptionally large scale.”
The investigation alleges that the funds were used by the organizers to purchase real estate, land, and luxury cars. Nhu’s group is thought to have amassed $2.2 million, while Bach pocketed a further $2.5 million.
Authorities also raised concerns about potential money laundering after discovering a portion of the funds had been transferred overseas.
