TikToker Mr Pips’ foreign currency scam was Vietnam’s biggest ever: police

On Tuesday they accused Nam and 30 accomplices of several crimes including fraudulent appropriation of assets and money laundering. The suspects were arrested between Oct. 25 and Dec. 10.

After confiscating 280 computers from the gang, the police have identified over 2,660 victims who has invested at least US$50 million in Nam’s trading platforms, which were developed to defraud investors who wanted to trade foreign stocks.

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

Pho Duc Nam seen at a police station. Photo courtesy of Hanoi police

They said the 30-year-old took advantage of his financial and tech knowledge and English skills to partner with a foreigner to carry out the scam.

Using social media to show off his ostensibly lavish lifestyle with photos of luxury cars and villas, Nam managed to attract people who wanted to make quick money by investing on his platforms.

"When people see my beautiful houses and luxurious cars they are persuaded to make investments," he told the police.

Though his modus operandi was not new and has been used by many other scammers in the past, he promoted his platforms well and thus attracted large investments, the police said.

"This is the biggest foreign currency and stock fraud in Vietnam ever," they added.

Gold and cash seized during the investigation. Photo courtesy of Hanoi police

Apprehending Nam and his accomplices was difficult since they often used fake identities and he himself lived in Cambodia and only came to Vietnam when necessary.

In 2021, Nam and an accomplice, Le Khac Ngo, who is currently at large, collaborated with a Turkish national to begin the scheme.

They set up a large company with 44 offices in HCMC and many others in Hanoi and elsewhere operate stock brokerage and financial services without licenses.

With around 1,000 employees who worked from 8 a.m. to 9 p.m. daily, they used five English-language websites that masqueraded as international trading platforms.

When investors lost money, the employees would introduce them to a new platform which "guaranteed" they would recoup the losses, only to con them out of more money.

The police have seized VND5.2 trillion (US$205 million) in assets linked to Nam and other suspects, including 246 kilograms of gold, 31 luxury cars and 59 luxury watches.