An online gaming network generated more than 2 billion euros in revenue. He made “loans” to the losers on the condition of mortgaging their motorcycle or other valuables.
The Vietnamese police have dismantled a gigantic network of online games that have generated more than 2.3 billion euros in revenue. It is the largest operation of its kind in Vietnam where games of chance are very popular but for the most part prohibited.
The site “No Hu” – “break the piggy bank” – was extremely popular in this hyper controlled communist country, where the public is addicted to online betting, whether on smartphone or PC. Launched in 2018, this platform offered multiple betting games that generated “absolutely huge … revenues with an estimated total value of $ 2.6 billion,” according to a report released by the official Hanoi police force.
To avoid online transactions, players had to buy credits from hundreds of “No Hu” agents scattered through the streets of the capital. They redistributed the winnings to the winners in cash and granted “loans” to the losers on the condition of mortgaging his motorcycle or other valuables.
Police counted several million users of the game and “the transactions were worth about $ 110 million a month,” the report said. Sixteen Vietnamese were arrested, dozens of cell phones and withdrawal cards were seized, and the website was deactivated on Friday.
“I lost so much money playing on this site. You can win at the start, but the more you play, the more you lose, “said a player, asking to remain anonymous.