Leaders of the Hanoi People's Procuracy (VKSND) revealed that the fraud orchestrated by TikToker Mr. Pips, real name Pho Duc Nam, could amount to thousands of billions of VND.

Speaking to the press on the morning of December 9 during a Hanoi People's Council meeting, a representative of the Hanoi People's Procuracy stated that they are working with Hanoi Police to expand the investigation into an online fraud network linked to Pho Duc Nam (30 years old, residing in Ba Ria - Vung Tau, also known as TikToker Mr. Pips).

Earlier, the Cau Giay District Procuracy (Hanoi) approved charges against Pho Duc Nam, Le Khac Ngo (34 years old, residing in Hanoi), and 24 others for crimes including "fraudulent appropriation of property," "failure to report a crime," and "money laundering." As the investigation progressed, Hanoi Police filed charges against additional suspects.

According to authorities, the suspects employed a fraud scheme modeled on securities brokerage firms. Victims who were drawn in found themselves unable to withdraw their funds. The amount of money fraudulently appropriated by the suspects could reach several thousand billion VND. Investigators are still identifying victims to conclude the case.

In late October 2024, Hanoi Police, in collaboration with Cau Giay District Police and other specialized units, dismantled an online fraud network operating in Hanoi and several other provinces and cities nationwide.

Preliminary investigations revealed that in June 2019, Pho Duc Nam and Le Khac Ngo established the fraudulent network, disguising it as a legitimate business modeled after securities brokerage companies.

Under the guise of operating as a company specializing in telemarketing, telesales, financial investment consultation, and international stock trading, the suspects attracted and deceived victims. They advertised high-profile stock options, such as shares of Facebook, Apple, Pepsi, Microsoft, and Adidas, to lure customers.

To create credibility, Nam and Ngo established the website "artexvina.co," recruited staff, and built an image of a professional investment consultancy company. They employed a large team of employees to approach and entice customers to invest. The network also opened branches nationwide, focusing on Ho Chi Minh City, Hanoi, Da Nang, and even in Cambodia.

Authorities found that Nam and his associates used numerous "shell" company accounts and e-wallets to receive client funds, drawing victims into private chat groups.

Victims were first guided on how to deposit and withdraw money smoothly to build trust. Once trust was established, the suspects persuaded them to place large investment orders, encouraged them to deposit more money, and suggested using leveraged loans. These actions led victims to quickly lose their entire accounts.

When victims had lost all their money, the group continued to lure them into a new platform with promises of recovering their losses, only to deceive them further.

To execute their crimes, Nam and Ngo organized and established various departments, including IT, support, administration, and security, and trained staff systematically within the network.

During emergency searches of the suspects' homes and workplaces, authorities seized and froze assets valued at over VND 5,000 billion.

The assets included: VND 127 billion in cash, Savings books worth approximately VND 306 billion, 216 kilograms of gold
128 real estate properties, 30 vehicles, VND 9 billion in bonds and various other valuable assets
 

Quang Phong