Vietnam fraud mastermind Phó Đức Nam (Mr Pips) faces charges as 188 suspects linked to 1.568 trn VND scam

Hanoi police have concluded a supplemental investigation into the large‑scale fraud network led by Phó Đức Nam, known as “Mr Pips”. The probe identified 188 suspects – up from an initial 75 – who carried out 920 fraudulent schemes that siphoned more than 1.568 trillion Vietnamese đồng (approximately $67 million) from investors through illegal Forex and securities platforms.

Authorities seized extensive assets tied to the crime, including 78 kg of gold, millions of U.S. dollars, 60 luxury watches, dozens of high‑end handbags, several luxury cars and motorcycles, and 32 high‑value properties worth about 373 billion đồng. The investigation also uncovered attempts by Mr Pips’s parents to launder money and to obtain a psychiatric assessment for him, involving payments of over 2.5 billion đồng and a promised $100,000 fee that was never fulfilled.

The police have recommended that the People’s Procuracy prosecute Mr Pips and key accomplices – including his associate Lê Khắc Ngọ (Mr Hunter), Ngô Thị Thêu, and several family members – on charges of fraud, asset seizure and money laundering.