A family affair gone wrong! Four Vietnamese brothers have been cuffed by police for allegedly running a massive gambling operation cleverly disguised as cryptocurrency investments. Law enforcement officials say this wasn’t just small change – we’re talking a staggering $3.8 billion gambling ring! Apparently, users could place bets using various digital currencies like USDT, ETH, and Naga tokens.

But it wasn’t just about placing bets. This group allegedly sweetened the pot by offering commissions to users who brought in new players. Vietnamese authorities are digging deeper, expanding their investigation into this elaborate scheme reportedly headed by 32-year-old Huynh Long Nhu and his siblings, Huynh Long Tu and Huynh Long Bach.

And the family involvement may run even deeper. Prosecutors have requested that authorities also investigate their sister, Huynh Thi Ha Tay. Police in Vietnam have reportedly recommended charges of organizing gambling and gambling for Nhu, Tu, Tay, and around nine others allegedly involved.

Vietnamese police push for gambling charges against brothers

Police are suggesting that Bach, along with 20 others, should face charges solely for organizing gambling, while another 10 individuals within the ring are looking at gambling charges. Authorities believe the mastermind behind this whole operation is an Indian national, 32-year-old Bhatia Mohit, who is currently on the run. Law enforcement is actively working to apprehend other members of the network as well.

Investigators reveal this gambling ring wasn’t a flash in the pan. It appears to have been a sophisticated, large-scale operation running since early 2020 before finally being shut down at the end of 2021. According to reports, Nhu and Bach were allegedly running a website that boasted a whopping 25,000 registered accounts and facilitated approximately $3.8 billion in bets!

It seems these siblings weren’t tech novices either. Authorities say they hired foreign IT experts to develop and manage their websites. The gambling ring reportedly operated using websites like Swiftonline.live and Nagaclubs.com, which police state were linked to the well-known international betting site, Evolution.com.

To further fuel their operation, the group also allegedly rented online card game portals. Reports indicate Nhu was in charge of Swift online.live, while Bach controlled Naga clubs.com, the latter alone having over 5,000 registered users.

Authorities uncover bogus multi-level marketing investment scheme

Police say the brothers allegedly lured players into their web by promoting it as a legitimate cryptocurrency investment opportunity, using a multi-level marketing (MLM) structure. Their website supposedly promised users daily returns of around 1% to 1.5%. They even encouraged users to “insure” their bets, promising a reward even if they lost. On top of that, players could earn commissions for recruiting new members into this so-called investment scheme.

To get involved, users were instructed to create an account on Switfonline.live and purchase USDT using Vietnamese Dong through exchanges like Binance and Remitano, or even directly from other players. These digital assets were then transferred to the platform’s wallet, ready for gambling. The entry point was relatively low, with a minimum deposit of just $20, typically paid in USDT.

The platform apparently allowed users to withdraw their winnings once they reached a $20 threshold. Withdrawals could be made through Remitano or Binance, or users could sell their winnings to other platform members for cash. The operation was reportedly similar across their platforms. On Nagaclubs.com, for example, USDT deposits were converted to Naga tokens before players could gamble.

Nagaclubs.com even had a tiered multi-level commission system, ranking players from VIP 1 to VIP 10. These VIP levels were based on how many new users a person recruited or how much they gambled. The system automatically distributed rewards based on these account ranks. Members also reportedly used Telegram groups to coordinate gambling activities and schedule bets.

Investigations suggest this gambling ring was incredibly lucrative. Reports indicate that Nhu and his group allegedly raked in around $2.2 million from their website, while Bach and his associates reportedly made about $2.5 million from theirs. These ill-gotten gains were allegedly used to purchase luxury items like cars, real estate, and land. The group even allegedly funneled some of the money overseas, raising red flags about potential money laundering. Authorities are pursuing legal action against those arrested and are still actively hunting down other fugitives involved.

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Source: cryptopolitan.com