Thai police have arrested a 30-year-old Vietnamese woman wanted globally for her role in a vast cryptocurrency and forex scam that tricked thousands into handing over more than US$300 million.
Ngo Thi Theu, also known as “Madam Ngo”, was found hiding in a luxury hotel in Bangkok’s Watthana district with two bodyguards, ending her run from authorities.
Investigators state that Theu played a central role in a fraudulent investment network spanning Vietnam and Cambodia, which defrauded 2,600 victims.
The operation promised monthly returns of 20–30% through crypto and foreign exchange trading schemes.
Victims were drawn in through flashy seminars, endorsements from influencers, and promises of easy, low-risk income.
Initial investors were allowed to withdraw small profits to build trust, which encouraged them to invest more and refer others.
But once larger sums were deposited, the scammers cut contact.
The structure resembled a classic pyramid model, rapidly expanding as more people joined in.
Source: X
Vietnamese police had issued an arrest warrant for Theu, accusing her of misprision—concealing criminal activity.
Interpol later escalated the case by issuing a Red Notice.
She was one of several suspects identified in a massive probe into an international scam operation led by a Turkish national and supported by 35 Vietnamese accomplices.
The network reportedly employed more than 1,000 staff and operated over 44 fake call centres across Hanoi, Ho Chi Minh City, Da Nang, Hoi An, and Phnom Penh.
These centres aggressively pushed the investment schemes, targeting both locals and foreigners.
Even while evading arrest, Theu allegedly continued receiving profits through mule bank accounts in Vietnam.
Authorities say the funds were then passed to Vietnamese nationals based in Thailand and withdrawn in cash, often in bundles of 1 million baht—around $30,800—to avoid detection by financial authorities.
The transactions were small enough to stay under the radar but consistent enough to support her life in hiding.
Thai Crime Suppression Division officers arrested Theu on 23 May at a hotel in the Klong Tan Nuea area, following a joint investigation with Vietnamese police.
Alongside her were two Vietnamese men, Ta Dinh Phuoc and Trong Khuyen Trong, both allegedly serving as her guards.
Theu’s two bodyguards were also arrested.
All three were also found to have overstayed their visas and were detained.
CSD commander Pol Maj Gen Wittaya Sriprasertparb confirmed the arrest and said Theu would face extradition proceedings.
During questioning, Theu admitted to benefiting from the scam’s profits and claimed the mastermind was the Turkish ringleader.
She also admitted to laundering her share of the money by buying property in Vietnam, confirming suspicions about the conversion of illicit funds into real assets.
The arrest highlights growing concerns over crypto-related scams.
Cybersecurity firm Kaspersky reported over 10.7 million crypto phishing attempts in 2024 alone—an 83% rise from the previous year.
Many of these scams use fake websites mimicking trusted platforms like Amazon and PayPal to lure victims.
Ngo Thi Theu remains in custody while Thai authorities prepare her extradition to Vietnam, where she is expected to face multiple charges tied to one of the region’s largest financial fraud cases in recent memory.
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