TCIS virtual currency case: Hiring foreigners to pretend to be successful businessmen to commit fraud

Nguyen Chanh Dang's group hired foreigners to pose as successful businessmen to give presentations at seminars and groups to attract people to invest in TCIS virtual currency.

Busting down a TCIS virtual currency investment pyramid scheme right at a conference gathering 200 people - Photo: Phu Tho Provincial Police

As reported by Tuoi Tre Online , Phu Tho Provincial Police have just dismantled an illegal multi-level marketing group under the guise of investing in TCIS digital currency (TCIS virtual currency), recovering over 30 billion VND and arresting the leader and key people.

Regarding the scam group's methods, Phu Tho Provincial Police said that Nguyen Chanh Dang (39 years old, in Vinh Hoi ward, Ho Chi Minh City - the suspected leader) hired a number of people to create the website https://tcis.ai and the digital currency TCIS to mobilize capital from investors.

At the same time, he hired Doan Van Manh (32 years old, in Tam Dao commune, Phu Tho province) and Tran Minh Nhat (48 years old, in Ho Chi Minh City) and many others to help develop the market and manage finances.

According to the police, the digital currency TCIS created by Dang has no circulation value. However, to create trust with the people, on the website, Dang posted information about "TCIS Technology Company" as a computer technology business in Canada, with a representative office in Hanoi .

Along with that are loud promotions such as research on quantum computer technology, blockchain, and development of TCIS tokens with values ​​hundreds, thousands of times higher.

But in fact, Dang has no connection with "TCIS Technology Company" in Canada, is not licensed by the competent authority to open a representative office in Vietnam, and the TCIS system created by Dang has no actual production and business activities.

The source of money to pay for participants investing in TCIS virtual currency is to use a multi-level model to take money from later participants to pay earlier participants.

Police conducted a search at the scene in Hanoi - Photo: Phu Tho Provincial Police

Notably, Dang's group also hired foreigners to pose as successful businessmen to give presentations at seminars and conferences organized by Dang in provinces and cities across the country to lure and attract many participants.

Although it only operated from June 2024 to July 2025, Nguyen Chanh Dang and his accomplices called on thousands of people to create more than 4,000 accounts with a total investment of more than 2 million USDT, equivalent to more than 50 billion VND.

The money appropriated from investors, Worth using for trading on Forex and Crypto exchanges.

Based on the investigation results, the Security Investigation Agency of Phu Tho Provincial Police has decided to initiate criminal proceedings and prosecute Nguyen Chanh Dang, Doan Van Manh, and Tran Minh Nhat for violating regulations on multi-level marketing business as prescribed.

Major General Nguyen Minh Tuan, Director of Phu Tho Provincial Police, directly mobilized, advised, and reminded those participating in the workshop about the tricks and methods of virtual currency investment fraud groups - Photo: Phu Tho Provincial Police

Directly directing the investigation, Major General Nguyen Minh Tuan - Director of Phu Tho Provincial Police - said that at the investigation session at Ao Vua tourist area (Suoi Hai commune, Hanoi), Dang's group invited more than 200 people to a seminar to lure and entice them to invest in TCIS virtual currency.

"When the Phu Tho Provincial Police raided, the investors did not know they were being scammed. When I asked, many elderly people had already deposited money. In particular, many women had hidden away from their husbands and children and deposited millions of USD. When I asked, they were ashamed and afraid their husbands would find out," the major general shared.

Phu Tho Provincial Police call on those involved and victims in the case to report to the Phu Tho Provincial Police Investigation Security Agency to have their rights protected according to the provisions of law.

At the same time, people are advised to be vigilant against invitations to "invest in digital currency", "huge profits" or disguised multi-level marketing to avoid being scammed.

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Source: https://tuoitre.vn/vu-tien-ao-tcis-thue-nguoi-nuoc-ngoai-dong-vai-doanh-nhan-thanh-dat-de-lua-dao-20250816180920684.htm