# Vietnam fraud and money laundering investigation > Live situation record from CLSTR: https://clstr.news/situations/vietnam-fraud-and-money-laundering-investigation > Updated: 2026-10-25T17:05:57.000Z. Sources: 22. Developments: 4. Authorities in Vietnam have moved toward legal action against several high-profile individuals involved in large-scale fraud and money laundering schemes. In one major case, the Hanoi People's Court scheduled a trial for 188 defendants, including Phó Đức Nam (Mr Pips) and Nguyễn Hòa Bình (Shark Bình). The group is accused of operating fraudulent websites that mimicked international forex and stock trading platforms to deceive investors. The investigation alleges the group defrauded investors of approximately 1,600 billion VND and laundered 320 billion VND through dozens of shell companies. On October 26, the Hanoi People's Court commenced the first-instance trial, presided over by Judge Tran Nam Ha. The proceedings, expected to last 15 days, utilize a combination of in-person and online sessions across three locations to accommodate over 200 defense lawyers and hundreds of victims. Recent details indicate the trial involves 919 victims, nearly 100 related parties, 18 companies, and two banks. Prosecutors allege that the scheme involved creating fake trading platforms using MT4 and MT5 applications where users essentially played against administrators, ensuring organizers profited from user losses. Phó Đức Nam, the identified ringleader, is accused of orchestrating approximately 920 fraud cases involving more than 1,568 billion VND. He is charged with fraud and money laundering, allegedly using 141 billion VND to purchase 78 one-kilogram gold bars, luxury watches, supercars, and 32 real estate properties. Lê Khắc Ngọ (Mr Hunter) and Nguyễn Thanh Phong are also facing charges of fraud and money laundering. Nguyễn Hòa Bình, Chairman of NextTech Group, is being tried for money laundering, with allegations that he helped process nearly 320 billion VND through his company, Ngân Lượng. ## Claims - Phó Đức Nam (Mr Pips) is accused of being the mastermind behind 919 fraudulent cases totaling nearly 1,560 billion VND. (disputed by 13 sources) - Nguyễn Hòa Bình (Shark Binh) is being prosecuted for money laundering. (corroborated by 18 sources) - The Hanoi People's Court is conducting the first-instance trial of 188 defendants on October 26. (corroborated by 17 sources) - The defendants face charges of fraudulent appropriation of property, money laundering, tax evasion, and concealing assets. (corroborated by 16 sources) - The trial will use a combination of direct and online formats due to the high number of participants. (corroborated by 11 sources) - The trial is expected to last for 15 days. (corroborated by 10 sources) - The AntEx cryptocurrency project issued approximately 33.2 billion tokens to roughly 30,000 investors. (corroborated by 7 sources) - Twelve other accomplices are recommended for prosecution alongside Shark Binh. (corroborated by 7 sources) - The group created 36 fake websites that mimicked international financial trading platforms. (corroborated by 7 sources) - Shark Binh directed employees to use two separate accounting systems to hide revenue and profits. (corroborated by 6 sources) ## Timeline ### 2026-10-25: Hanoi Court Trials Mr Pips, Shark Binh in 1,560 Billion VND Fraud Case Hanoi courts began the trial of 188 defendants, including Mr Pips and Shark Binh, in a 1,560 billion VND fraud and money laundering case involving fake trading platforms. 19 sources. https://clstr.news/cluster/hanoi-court-begins-trial-for-mr-pips-mr-hunter-and-shark-binh-in-15-trillion-vnd-fraud-case ### 2026-10-20: Hanoi Court to Try Mr Pips and Shark Binh in Major Fraud Case The Hanoi People's Court will trial 188 defendants, including Mr Pips and Shark Binh, in a massive 1,568 billion VND fraud and money laundering case starting October 26. 11 sources. https://clstr.news/cluster/hanoi-court-to-try-mr-pips-shark-binh-and-186-others ### 2026-10-12: Nguyen Hoa Binh (Shark Binh) faces prosecution for fraud and tax evasion Hanoi police have recommended prosecuting NextTech Group Chairman Nguyen Hoa Binh (Shark Binh) for fraud, tax evasion, and accounting violations related to the AntEx crypto project and Nextland real estate. 11 sources. https://clstr.news/cluster/nguyen-hoa-binh-facing-prosecution-for-fraud-and-tax-evasion ### 2026-10-07: Shark Bình and Mr Pips to face trial in major fraud case The Hanoi People's Court will trial 188 defendants, including Shark Bình and Mr Pips, starting October 26 in a 15-day case involving 1,600 billion VND in fraud and 320 billion VND in money laundering. 8 sources. https://clstr.news/cluster/shark-bnh-and-mr-pips-to-face-trial-in-major-fraud-case --- Cite as: Vietnam fraud and money laundering investigation. CLSTR, https://clstr.news/situations/vietnam-fraud-and-money-laundering-investigation