Authorities have uncovered additional assets linked to the fraud case involving Tiktoker Pho Duc Nam, known as Mr. Pips. The haul includes 12 billion VND, 18 apartments and villas, and $500,000 in foreign bank accounts.

On the evening of December 26, at a press conference held by the Ministry of Public Security, Major General Nguyen Thanh Tung, Deputy Director of the Hanoi Police Department, provided updates on the high-profile case. Between October 30 and November 15, the investigative police initiated criminal proceedings for various charges against 31 suspects.

These include 26 for "fraudulent appropriation of assets," 3 for "money laundering," 1 for "failure to report a crime," and 1 for "harboring property obtained through criminal acts."

Seized assets total 5,300 billion VND

As of December 27, police have recovered 12 billion VND, 18 residential properties, and identified $500,000 in overseas accounts, bringing the total estimated value of Pho Duc Nam's seized assets to 5,300 billion VND (approximately $217 million USD).

The police are currently seeking approval from relevant agencies to retrieve Nam's foreign assets and funds in his digital wallets.

Previously, Nam (born 1990 in Ba Ria-Vung Tau) and his accomplice, Le Khac Ngo (also born 1990, in Hanoi), were charged with crimes including "fraudulent appropriation of assets," "failure to report a crime," and "money laundering."

A sophisticated fraud operation

Investigations revealed that Nam and Ngo recruited over 1,000 employees and established 44 offices nationwide, with 24 located in Hanoi and 20 spread across other provinces. These offices were used to carry out an elaborate scheme to defraud victims, employing well-trained staff and sophisticated methods.

The police have seized and frozen a wide range of assets linked to the suspects, estimated at over 5,200 billion VND.

The assets seized include:

316 billion VND in bank accounts
Bonds worth 9 billion VND
Savings certificates valued at over 200 billion VND
69 billion VND in cash
$2.3 million USD
890 SJC gold bars
246 kg of raw gold
31 luxury cars
7 high-end motorcycles
59 branded watches worth an estimated 300 billion VND
84 gold and diamond-encrusted jewelry pieces
125 real estate properties under transaction restrictions

This extensive list highlights the scale of the fraud operation, underscoring the meticulous effort required by authorities to investigate and recover stolen assets.

T. Nhung