In a newly released supplementary investigation conclusion, the Investigation Police Agency of Hanoi City Police has recommended prosecuting Pho Duc Nam, also known as Mr Pips, on charges of fraud and money laundering. Le Khac Ngo, known as Mr Hunter, and his wife Ngo Thi Theu, are also recommended for prosecution on fraud charges.

Additionally, 155 other individuals face charges of fraud, money laundering, or receiving stolen property in connection with the same case. This brings the total number of individuals recommended for prosecution to 188, a significant increase from the 75 named in the initial investigation report.

According to investigators,

The investigation reveals that in 2018, Nam, alias Mr Pips, met Turkish national Isik Uran. They conspired to establish websites for international forex and stock trading. These platforms were designed to mimic legitimate international exchanges, using names similar to global stock markets and purporting to connect with trading applications like MT4 and MT5. Crucially, these sites were not genuinely connected to the global market.

To execute their scheme, Nam and an accomplice traveled to Turkey to meet Uran. There, they observed and learned the operational model of Uran's international stock and forex trading offices.

Upon returning to Vietnam, Nam rented offices and hired staff to initiate the fraudulent operations, authorities allege. His group established numerous shell companies to advertise and attract investors to their fake forex and stock trading platforms.

Despite lacking proper licensing, Nam and his accomplices directed staff to advertise and provide financial and stock advice. They created websites linked to MT4 and MT5 applications. Once customers were lured into investing, the group proceeded to misappropriate their funds. Investigators assert that clients were, in effect, 'playing against the platform owner' rather than engaging with global markets. Any losses incurred by investors directly benefited the platform operators.

Mr Pips often flaunted a lavish lifestyle on social media to entice victims. Photo: FBNV

The investigation concludes that Nam directly collaborated with Isik Uran to establish 36 fraudulent websites. He also directed employees to create shell companies, manage advertising and payments, and open 69 bank accounts. As the primary mastermind, Nam is held responsible for all 920 fraudulent cases, totaling over 1.568 billion VND in misappropriated funds.

To legitimize the illicit proceeds, Nam laundered the money through various means: purchasing 32 real estate properties, acquiring gold worth 141 billion VND, and converting funds into over 1.7 million USD and more than 1 million Singapore dollars.

Regarding Le Khac Ngo, known as Mr Hunter, he reportedly conspired with Nam in 2019 to expand the fraudulent stock and forex trading network across Vietnam. Nam then entrusted Ngo with managing 20 operational offices, tasked with enticing victims into investing to misappropriate their assets. Ngo is implicated in 287 fraud cases, accounting for over 344 billion VND in illicit gains. He also laundered money by purchasing four real estate properties and 143 gold bars.