Additional assets worth $3.9M seized in Vietnam’s biggest stock fraud

They include a Mercedes G63, VND12 billion in bank accounts and 18 properties, investigators said.

They have also discovered $500,000 in overseas accounts linked to the case, and is working on seizing it.

Gold confiscated in the alleged fraud case of Pho Duc Nam, also known as Mr. Pips. Photo courtesy of Hanoi police

So far they have seized VND5.3 trillion ($208 million) in assets linked to the crimes masterminded by Mr. Pips, real name Pho Duc Nam.

Earlier this month Nam and 30 accomplices were accused of fraudulent appropriation of assets and money laundering among other crimes. Many of them including Nam were arrested in October.

The suspects allegedly defrauded over 2,660 victims by setting up a fraudulent stock trading platform which did not facilitate actual trade and only served to transfer the money into their accounts.

They operated 44 offices nationwide and employed 1,000 employees, none of whom had a license.

Nam was active on social media and often used photos and videos of luxury cars and villas to reel in potential victims.

Among the assets the police have seized are more than 30 luxury cars including Porsches, Jaguars and Lamborghinis, and 246 kilograms of gold.