Pho Duc Nam, 32, known on Tiktok as Mr Pips, has been recommended for prosecution by the Hanoi Police Investigation Agency. He faces charges of fraudulent appropriation of property and money laundering, stemming from a scheme that allegedly defrauded investors of over 1.3 trillion VND. In connection with the same case, Le Khac Ngo, 36, known as Mr Hunter, and his wife, Ngo Thi Theu, also face charges of fraudulent appropriation of property.

Overall, 72 individuals are implicated in the scheme, facing accusations of fraudulent appropriation of property, money laundering, or consuming property obtained through another's crime.

Investigation findings reveal that the scheme began in 2018 when Pho Duc Nam connected with Isik Uran, a Turkish national. They discussed creating websites for foreign exchange and international stock trading. These platforms were designed to appear legitimate, linking with MT4 and MT5 applications and using English names similar to global stock exchanges. However, these sites were not genuinely connected to international markets.

To execute their plan, Nam and an associate traveled to Turkey. There, they met Uran, touring his international stock and forex trading offices to study their operational models. Upon returning to Vietnam, Nam set up an office and hired staff to launch the fraud. The group established several shell companies to advertise and attract investors to their forex and stock trading platforms.

Pho Duc Nam at the investigation agency. Photo: Police provided

Despite operating without proper licenses, Nam and his accomplices directed their employees to advertise, provide financial advice, and manage the MT4 and MT5-linked websites. Once clients were lured into investing, the group misappropriated their funds. Investigators allege that clients were essentially "playing against the platform owner" rather than engaging with the global market. The platform owner directly profited from client losses.

According to the investigation, Nam directly coordinated with Isik Uran to establish 36 websites. He also instructed employees to create shell companies, manage advertising and payments, and open 69 bank accounts. As the mastermind, Nam is held responsible for 738 fraud cases, totaling over 1.3 trillion VND.

125 properties linked to Nam's group had their transactions frozen. Photo: Police provided

Mr Hunter was tasked with managing 20 business offices, specifically designed to entice victims into investing and subsequently appropriating their assets. He is responsible for 180 fraud cases, involving the appropriation of 216 billion VND.

Hanoi Police characterize this as Vietnam's largest fraud ring in foreign exchange and stock trading. A majority of victims were ensnared by the perceived affluence and success projected by Nam and Ngo. Their desire for quick wealth and dreams of becoming tycoons made these investors particularly susceptible to the deception.