Pham Thi Huyen Trang and her accomplices defrauded 13,000 people of over 1 trillion VND ($42 million), devastating families across Vietnam.

This case adds to a growing list of large-scale scams, including TikToker Mr. Pips’ 5 trillion VND fraud, and high-profile cases involving companies like Tam Loc Phat and My Hanh.

Sophisticated scams targeting victims’ trust

On January 24, Bac Ninh police, in collaboration with the Ministry of Public Security, announced the successful dismantling of a high-tech cross-border fraud network.

The operation, based in Svay Rieng, Cambodia, employed fake identities as police officers, tax officials, and education staff to trick victims into sharing personal information or transferring money.

The network’s 26-year-old mastermind, Pham Thi Huyen Trang from Hai Phong, crafted detailed scripts for the scams and trained her team. Since May 2024, the group has stolen nearly 1 trillion VND from more than 13,000 victims nationwide.

Mr. Pips and the 5 trillion VND scam

TikToker Phó Đức Nam, known as Mr. Pips, was arrested in 2024 for operating a fraudulent investment scheme that claimed to offer financial services, including stock trading in international markets like Facebook and Apple.

Nam lured over 2,600 victims into private chat groups, where they were manipulated into making large investments using leveraged loans. These victims quickly lost their funds, with Nam and his accomplices pocketing the money.

Authorities have seized assets from Nam’s operation worth 5.2 trillion VND ($218 million), including 1,000 gold bars, 246 kilograms of raw gold, 31 luxury cars, and hundreds of properties.

Tam Loc Phat and other corporate frauds

High-profile corporate scams have also made headlines:

Tam Loc Phat Group: In April 2024, CEO Nguyen Thi Khuyen was arrested for scamming thousands of investors out of billions of VND through promises of high returns. The company organized flashy events featuring celebrities to gain credibility.

My Hanh Group: In late 2023, chairwoman Pham My Hanh falsely promoted investments in Ngoc Linh ginseng farming, raising over 1.2 trillion VND ($50 million) before disappearing with the funds.

Sen Tai Thu: In early 2024, the wellness company raised 1 trillion VND through fraudulent promises of high returns on share purchases, only to default on payments.

Exploiting greed and naivety

Many scams prey on victims’ lack of knowledge and greed. Fraudsters often use official-looking documents, polished marketing, and even endorsements from celebrities to gain victims’ trust.

In the case of Tam Loc Phat, the company boasted about its scale and partnerships, while My Hanh Group leveraged the reputation of Ngoc Linh ginseng - a prized medicinal herb - to legitimize its schemes.

Some scammers have even created fake websites mimicking major corporations like Vingroup and SSI Securities to attract investors with promises of high returns.

The masterminds behind the scams

Scammers like Pham Thi Huyen Trang and Mr. Pips often possess exceptional skills, including advanced education and linguistic abilities, which they use to manipulate their victims.

Trang, fluent in English, Korean, and Chinese, graduated from one of Hanoi’s top universities for languages. Her scripts exploited victims' fear of legal trouble by impersonating police or tax officials. She then tricked them into installing malicious apps that stole personal data and drained bank accounts.

Similarly, Mr. Pips, an IT expert with an IELTS score of 8.5, used his technical and communication skills to build trust among victims before orchestrating financial losses.

For scams based in Vietnam, victims may recover some money from seized assets. However, with cross-border fraud like Trang’s network, victims often lose everything.

To make matters worse, new scams are emerging, such as fake services promising to recover money lost to Mr. Pips’ operation, preying on victims' desperation to reclaim their funds.

Manh Ha