On March 6, the Security Investigation Agency of the Hanoi City Police announced the initiation of a criminal case and the prosecution of Ho Quoc Than, born in 1992, residing in Con Cuong District in Nghe An Province, to investigate the offenses of "swindling to appropriate properties" and "possessing counterfeit money".

Prior to this, the Hanoi City Police had conducted searches at the headquarters of Trieu Nu Cuoi JSC and Than’s residence after discovering evidence of fraudulent activities involving calls for investment in the QFS currency.

Ho Quoc Than was a student majoring in television journalism. Before founding Trieu Nu Cuoi Company, he served as the General Director of Invest TV JSC.

Investigations reveal that Invest TV, originally Tuva Media JSC, was established in July 2018 with an initial registered capital of VND2 billion. At its inception, the company was represented legally by another individual.

It was not until March 2020 that Ho Quoc Than officially assumed the role of legal representative for Invest TV. On this position, he collaborated with numerous prominent partners in media, advertising, and even aviation training.

Ho Quoc Than was nominated by the Selection Council of Phong Cach Doanh Nhan Magazine for the Top 100 Phong Cach Doanh Nhan 2020-2021 award, receiving the title "Pioneer in Developing an Investment Television Channel."

On his personal Facebook page, Than introduced himself as the founder and holder of significant positions in various enterprises.

His ambitions grew over time. In 2023, Than established Trieu Nu Cuoi Company, enhancing his reputation by consistently presenting himself as the founder and Chairman of the Board of Directors. The company’s registered capital, according to its business license, was VND25 billion.

Trieu Nu Cuoi was promoted as a company with a vision to become a leading pioneer in Vietnam. It developed a diverse ecosystem, with models aimed at investing in and supporting projects to enhance both the material and spiritual lives of the community.

Around mid-April 2024, Ho Quoc Than began hosting Zoom sessions to promote the issuance of the QFS TNCVN quantum currency. In reality, this was a currency created by Than himself, unrelated to any cryptocurrency.

To join Trieu Nu Cuoi’s ecosystem, individuals were required to provide "assistance" funds, VND4-5 million per QFS coin for individuals and VND39 million per QFS coin for businesses.

To attract investors, Than advertised that the QFS was backed by the heritage of families preserved over hundreds of years, assets in 48 countries, and would be activated in October-November 2024. He promoted himself as possessing vast wealth, heritage, and gold reserves from a so-called "headquarters," claiming businesses would receive capital support for restructuring and development without needing collateral or interest payments.

Than boasted that owning this currency would yield returns, with one QFS coin growing to 10 QFS coins, and 10 QFS coins increasing to 100 QFS coins. He assured buyers that if individuals or businesses chose to discontinue their participation with the company for any reason, they would receive a refund along with interest.

To bolster his image, Than directed the issuance of "Welfare Cards" requiring a prepaid amount of VND2.6 million. 

Over a one-year period, cardholders could shop at discounted or free rates up to VND500,000 per week (on Saturdays and Sundays). The card had no geographical restrictions and became usable 30 days after purchase. The company reportedly issued over 2,000 welfare cards.

The company also launched a chain of Trieu Nu Cuoi welfare stores, with 36 locations operational in Hanoi and various provinces and cities nationwide. These stores sold consumer goods such as food and household items.

To sell more welfare cards, Than organized livestream sessions on social media platforms and Zoom meetings, delivering lectures on morality and humanity.

Documents reveal that Ho Quoc Than had no formal occupation. However, to enhance his reputation, he rented houses and set up headquarters in upscale locations, used luxury cars, and leveraged these efforts to gain the trust of investors.

The funds in the accounts of Than and Trieu Nu Cuoi primarily stemmed from "assistance" activities involving the QFS currency.

When money was poured into the accounts, Than transferred it to various individuals’ accounts and used it for multiple purposes.

By the time the police intervened, approximately 100 businesses and nearly 400 individuals had purchased QFS coins, with total value amounting to tens of billions of VND.

Duy Anh