Hanoi City Police have dismantled a major virtual currency fraud operation conducted by the company "Million Smiles," also known as Trieu Nu Cuoi. The investigation revealed the company used deceptive tactics to appropriate tens of billions of dong, affecting hundreds of individuals and businesses.‍

Fraudulent Operations Unveiled

Operating under the guise of promoting a virtual currency called "QFS quantum currency," Million Smiles allegedly lured victims through exaggerated claims of wealth generation and financial security. 

According to a local media outlet VTV Online, police investigations discovered that the company held regular promotional activities, including online Zoom sessions and conferences, to attract investors. These events falsely advertised QFS coins as being backed by ancient family heritages and guaranteed financial assistance for businesses and individuals.

Investors were promised access to a lucrative ecosystem, capital support without mortgages or interest, and the potential to become billionaires as the value of QFS coins allegedly increased. Victims were required to purchase QFS coins, with prices ranging from 4-5 million VND per coin for individuals to 39 million VND for businesses.‍

Police Intervention and Evidence Seized

On December 24, Hanoi City Police conducted an emergency raid on the Million Smiles headquarters in An Khanh Commune, Hoai Duc District. The company had planned a large-scale customer conference at Bao Son Paradise Hotel on the same day. Law enforcement agencies, acting swiftly, summoned the company’s General Director and seven other key individuals for questioning while seizing computers, documents, and other evidence from the premises.

Initial findings revealed that the company had defrauded approximately 100 businesses and nearly 400 individuals, collecting a total revenue of around 30 billion VND. Authorities have confirmed that the QFS quantum currency is not recognized by Vietnamese law and has no real value.‍

Deceptive Practices

The investigation revealed that the company’s leadership used the façade of luxury, such as renting villas and premium office spaces, to create an image of legitimacy. This elaborate branding effort was funded entirely through fraudulent means, misleading victims into believing in the company's credibility and promises.