“Crypto Queen” Behind $300M Scam Busted in Bangkok After Global Manhunt

A dramatic international manhunt has come to an end as Thai police arrested Ngo Thi Theu, a 30-year-old Vietnamese national accused of orchestrating one of Southeast Asia’s largest crypto scams, defrauding investors of over US$300 million.

Known as “Madam Ngo”, Theu was taken into custody by Thailand’s Crime Suppression Division (CSD) on Friday at a hotel in Bangkok’s upscale Klong Tan Nuea area, following an Interpol Red Notice and a warrant issued by Hanoi authorities.

According to Vietnamese police, Theu played a central role in a sprawling transnational criminal network that tricked over 2,600 victims with promises of high returns from bogus cryptocurrency and foreign exchange investment schemes. Victims were lured with monthly profit projections of 20–30%, often endorsed by celebrities and social media influencers to boost credibility.

But the polished front hid a pyramid-style fraud. Seminars were held. Testimonies were staged. And early investors were even paid small amounts to build trust. Yet once larger investments were made, victims were ghosted — their messages unanswered, their money vanished.

Thai media outlet Khaosod reported that the network was helmed by a Turkish national and supported by 35 Vietnamese accomplices, operating through over 44 fraudulent call centers spread across Vietnam — from Hanoi and Ho Chi Minh City to Da Nang and Hoi An — and even into Phnom Penh, Cambodia. More than 1,000 staff are believed to have been involved.
Even while on the run, Theu allegedly continued to profit, receiving funds through “mule accounts” in Vietnam. These were funneled to Thai-based operatives and withdrawn in cash — typically in discreet transactions of around 1 million baht (approx. US$30,800) to avoid triggering bank alerts.

Now in Thai custody, Theu is awaiting extradition to Vietnam, where authorities are preparing to press serious criminal charges. Her arrest marks a major win in the region’s ongoing battle against crypto fraud — and a chilling reminder of how easily trust can be exploited in the digital age.

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Source: Vietnam Insider