[REVISION HISTORY]

Vietnam fraud and money laundering investigation

Updated 7 times since CLSTR started tracking revisions of this situation.

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2026-10-26 04:18 UTC → 2026-10-26 07:16 UTC · added ~~removed~~

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. ~~Prosecutors allege that starting in 2017, Nam collaborated with Turkish national Isik Uran to create 36 fraudulent websites.~~ Lê Khắc Ngọ (Mr Hunter) and Nguyễn Thanh Phong are also facing charges of fraud and money laundering. ~~Lê Khắc Ngọ is accused of managing 20 business offices to lure victims into fraudulent forex investments, accounting for 287 cases and 344 billion VND.~~ Nguyễn Hòa Bình, Chairman of NextTech Group, is being tried for money ~~laundering.~~ laundering, with allegations that he helped process nearly 320 billion VND through his company, Ngân Lượng.

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