TikToker Mr Pips flaunts wealth to deceive thousands in Vietnam's largest stock scam

Pho Duc Nam, his real name, and Le Khac Ngo (known as Mr Hunter on social media) were the masterminds behind Vietnam’s "biggest foreign currency and stock fraud," according to the Hanoi police.

The police arrested Nam and many of his accomplices in October, but only made this public on Tuesday.

Luxury cars linked to Pho Duc Nam seen at the police station. Photo by VnExpress/Pham Ha

Since 2021 the accused ran a number of stock trading websites that masqueraded as legitimate international trading platforms, not doing real trade but merely serving to siphon off victims’ money.

The police said Nam, after graduating from high school, secured a full IT scholarship in Singapore. He is fluent in English and has an IELTS score of 8.5.

He promoted himself on social media as a trading guru with 10 years of experience in investing in gold and international stock markets.

When some users said on social media he was just "showing off," Nam’s response was "showing off is okay as long as I bring good things to people."

To lure victims, he portrayed an image of a wealthy investor with expensive cars, gold bars and cash to his millions of followers on TikTok and Facebook.

Among the assets the police seized from him were 31 luxury cars like Rolls-Royce, Lamborghini and Mercedes, 59 luxury watches and more than 246 kilograms of gold.

In all, they are worth VND5.2 trillion (US$205 million).

A watch and handbag collection of Pho Duc Nam seized by the police. Photo courtesy of Hanoi police

Many victims, when contacted by the police, were not even aware that they had been scammed and thought they lost money to bad investment decisions.

Others did not cooperate because they were afraid of being charged with gambling.

Among them was a 22-year-old university student who admired Nam’s wealthy lifestyle. He messaged Nam in June to learn more about his trading methods and eventually transferred VND8 billion to the fake platforms.

Victims were coaxed into investing by Nam’s 1,900 employees working in 44 offices across the country and their headquarters in HCMC.

The employees, none of whom have a broker’s license, advised customers on "investment opportunities" and persuaded them to increase their investments gradually.

Around 2,660 victims have been identified nationwide, and they have invested at least $50 million in the platforms.

But the exact extent of the scam is still not known, the police said.

Nam and other suspects are facing several charges including fraudulent appropriation of assets and money laundering.