Bangkok authorities arrest $300 Million crypto scam mastermind
Authorities in Bangkok arrested Vietnamese national Ngo Thi Theu, also known as “Madam Ngo,” at a hotel in the Watthana district. She was wanted by Interpol and Vietnamese authorities for orchestrating a crypto and forex scam worth over $300 million. Her capture is a significant victory in the fight against international cybercrime.
The viral spread of the scheme
“Madam Ngo,” also known as Ngo Thi Theu, was a well-known personality in the cryptocurrency investment industry. Her investor meetings and seminars brought her recognition. Theu lured victims with low-risk, high-return investments, promising easy money. A false impression of legitimacy was initially created by allowing certain investors to withdraw minor earnings, which encouraged more people to invest.
According to local media reports, over 2,600 individuals were scammed, with operations extending to multiple countries. The scam involved 44 fake call centres in Vietnam, staffed by over 1,000 people. Participants were encouraged to recruit others, with promises of higher earnings for more referrals, creating a rapid snowball effect.
Financial damage and global reach
The scam drained over $300 million, wiping out life savings and futures. Key operations were based in Hanoi, Ho Chi Minh City, Phnom Penh, and Bangkok. While Ngo Thi Theu played a significant role, the mastermind was a Turkish national supported by 35 Vietnamese operatives.
How authorities caught her?
Authorities traced cash withdrawals and bank transfers to Thai-based accounts, marking a turning point in the investigation. Ngo used fake identities to withdraw up to 1 million baht (around $30,800) per transaction in Thailand. A joint task force of immigration and police tracked her down at a hotel using surveillance and tip-offs.
Ngo Thi Theu was arrested at a hotel in a busy area of Bangkok. She was accompanied by two Vietnamese men, Ta Dinh Phuoc and Trong Khuyen Trong, who acted as her bodyguards. All three had expired visas, which raised red flags and helped authorities track them down.
Madam Ngo’s confession
During interrogation, Ngo Thi Theu admitted to laundering money by investing it in Vietnamese real estate. She claimed that the Turkish ringleader took the majority of the funds, while she received only a small portion. By converting cryptocurrency into property, Ngo engaged in money laundering, providing clear evidence of criminal intent.
Crypto crime on the rise
Phishing scams affected 10.7 million people in 2024, with crypto-related phishing attempts increasing by 83 percent, according to Kaspersky. Fraudsters are creating fake versions of trusted sites like Amazon and PayPal to steal sensitive data. The technology used by scammers is now more advanced, making their tricks harder to detect.
