Vietnamese company Modern Tech, previously suspected of fraud in conducting the ICO ceased to exist in view of the disappearance of the whole team.

The organizers of the fraudulent ICO in the amount of seven people, it seems, left the country, taking all the proceeds from the sale of tokens and Ifan Pincoin funds, for a total of 15 trillion Dong ($660 million), while the defrauded investors continue to besiege the closed headquarters of the company.

All these investment fraudsters managed to attract only a few months, staging a large-scale advertising campaign, as well as driving with a special outreach events to the most remote corners of the country. To date, all of the many offices closed, and investors were only well-designed website and numerous promotional videos urging you to invest in a better future.

A few days ago the authorities of Ho Chi Minh city has appealed to the police with request to initiate investigation against Modern Tech. It was reported on the alleged deception by the specified amount, 32 thousand investors, however, the numbers have not yet been confirmed.

Given the fact that crypto-currencies and all transactions with Vietnam is illegal, start of the official investigation in relation to fraud was complicated, which probably allowed scameron to leave the country unhindered.

Recall that according to the research company Satis Group LLC, 80% of the projects ICO with a market capitalization of at least $50 million are a Scam. Only 8% of the issued tokens reaches the exchange.