Kao Van was detained by Da Nang police, accused of embezzling nearly 2,000 billion VND

Da Nang City Police just successfully dismantled a major case related to fraud and asset appropriation through multi-level marketing of virtual currency, with nationwide scope and total stolen amount reaching thousands of billion VND.

On December 15, the Da Nang Police Department coordinated with the Cybersecurity and High-Tech Crime Prevention Department (Ministry of Public Security) and the People’s Procuracy of Da Nang City to mobilize forces and resources, simultaneously implementing operational measures to arrest 8 related individuals. The main suspect was identified as Huỳnh Đức Vân (33 years old, residing in Hòa Cường Ward, Da Nang City; also known as Kao Vân, who was famous in the crypto community during 2017-2021).

Investigation agency serving Huỳnh Đức Vân’s decisionAccording to initial investigations, from early 2020, Huỳnh Đức Vân, along with three individuals in Ho Chi Minh City and many others, discussed and assigned roles to establish a fake virtual currency project, issuing a coin named “DRK”. The group aggressively promoted on social media, releasing a series of false information to build trust and attract investors.

After attracting a large number of investors, by the end of 2021, the suspects collectively “sabotaged” the project: deleting the website, fanpage, and all related groups, thereby appropriating the collected funds. All assets were then converted into Vietnamese dong for personal use.

Based on collected data, documents, and electronic evidence, investigators identified that the total amount of cryptocurrency stolen included over 1,880 BTC, more than 37,000 ETH, and nearly 2.7 million USDT, with an estimated value of about 2,000 billion VND at the 2021 exchange rate.

During the prosecution process, the Police Investigation Agency applied measures to prevent and suspend transactions on many bank accounts and related assets, including real estate, with a total value exceeding 600 billion VND. To date, the case has been prosecuted, with the defendants charged and temporarily detained, including Kao Vân and 7 others.

Suspects detained along with evidenceThe Police Department calls on individuals involved in the case to surrender early for consideration under leniency policies. At the same time, Da Nang Police request victims of Kao Vân and accomplices to promptly report at the Investigation Office of the Da Nang City Police (47 Lý Tự Trọng Street, Hải Châu Ward, Da Nang City) for guidance and legal processing.

At the time of creating the DRK token, Kao Vân continuously flaunted wealthy and luxurious photos on mediaSanh