Phạm Kiều Hưng, a 30-year-old banker in Đăk Lăk, was arrested on January 12, 2025, for allegedly defrauding 20 billion VND to invest in cryptocurrencies. Having incurred losses amounting to the same, he had been under immense financial strain.
Despite the losses, Hưng fabricated documents to withdraw 4.7 billion VND from the bank in February 2023. Once his deceit surfaced in June 2023, victims unable to recover funds reported him to the police, leading to his detention.