Forex scam kingpin 'Mr. Hunter' extradited to Vietnam from Philippines

Senior Colonel Nguyen Duc Long, Deputy Director of the Hanoi Police Department, confirmed the extradition at a press briefing on Monday, saying that the 34-year-old Ngo fled Vietnam for Cambodia before traveling to the Philippines, where he was arrested for illegal entry in September.

Following coordination between the Vietnamese Ministry of Public Security and Philippine authorities, Ngo was extradited back to Vietnam on Dec. 13.

His wife was apprehended in July through cooperation between Hanoi police and Interpol and was subsequently extradited from Thailand.

This marks the latest development in the investigation into a massive property fraud case led by Ngo and Pho Duc Nam, also known as Mr. Pips.

Since 2021, the pair allegedly launched multiple websites with English-language interfaces designed to mislead users into believing they were reputable international forex trading platforms. In reality, these sites were controlled by Nam's group and directly linked to their bank accounts.

Investigators determined that the syndicate operated under the guise of international financial investment firms, using MT4 and MT5 trading applications to lure victims into "stock and international forex investments" with promises of high returns and zero risk.

Sales staff were recruited and trained to approach potential victims via phone calls and social media, inviting them to invest in the purported international exchanges. Initially, victims were allowed to withdraw small profits to build trust. However, once larger sums were invested, the group would fabricate "system errors" or other excuses to appropriate the funds.

Police plan to prosecute approximately 550 sales employees involved in the operation.

The total amount appropriated by the scheme stands at approximately VND5.315 trillion ($208.5 million). To date, police have received 669 complaints and taken statements from 601 victims, who reported verified losses totaling over VND1.187 trillion ($46.5 million).

According to Hanoi police, this is the largest fraud ring in Vietnam's forex and securities sector to date. Most victims were lured by the flashy lifestyles and apparent wealth of Nam and Ngo, which, coupled with a desire for quick riches, made investors particularly vulnerable to the scheme.