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Coolcat stock market crashes: Trillions of dong vanish overnight.
In just one week, thousands of people reported losing money after the Coolcat exchange collapsed, with the amount of money "evaporating" potentially reaching trillions of VND.
The devious schemes that helped Lien Ket Viet swindle over 2.000 trillion VND.
Through these "devious schemes," Lien Ket Viet company managed to swindle over 2.000 trillion VND from 66.000 people.
Viet Lien Ket Company defrauded over 2.000 billion VND.
The prosecuting authorities determined that Le Xuan Giang and his accomplices defrauded and enticed nearly 67.000 people into paying nearly 2.100 trillion VND to Lien Ket Viet Company.
Video: Man accused of leading iFan cryptocurrency pyramid scheme speaks out.
On April 11th, Mr. Diep Khac Cuong, Chairman of FNC Company, held a press conference to officially address the accusations that he was involved in founding the iFan cryptocurrency and that he engaged in fraudulent activities, causing them to lose trillions of VND.
Two multi-level marketing companies fined 380 million VND.
The Competition Authority (Ministry of Industry and Trade) announced that, based on signs of legal violations in the multi-level marketing activities of Queenet International Joint Stock Company and World Vietnam Limited Company, the Competition Authority has conducted investigations and imposed penalties on these two businesses.
Video: Multi-level marketing (MLM) spreads to rural areas.
This type of business is spreading to rural areas and quickly creating a false sense of appeal for the people.
American billionaire sentenced to 110 years in prison for pyramid scheme fraud.
On June 14, powerful American tycoon Allen Stanford was sentenced to 110 years in prison for defrauding investors of more than $7 billion through a Ponzi scheme.
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