TikToker Pham Duc Nam, widely known as "Mr. Pips," and his accomplice Le Khac Ngo established a network of offices and recruited 1,000 employees, meticulously training them to execute large-scale fraud. Initial investigations have identified 2,661 victims of the scam.

Lieutenant Colonel Cao Van Thai, Deputy Chief of the Hanoi Police Criminal Investigation Department, revealed that Nam and Ngo opened 44 offices across Vietnam - 24 in Hanoi and 20 in other provinces. They hired and trained 1,000 employees, equipping them with skills to deceive victims with precision.

The suspects operated under the guise of legitimate companies and online platforms offering telemarketing, telesales, and financial investment consulting services. They also posed as international stockbrokers, enticing customers to invest in well-known stocks on "global" trading platforms.

Nam and Ngo created the website “artexvina.co,” presenting their fraudulent operation as a professional investment advisory firm specializing in international stock trading.

Nam’s network was structured into various specialized departments, including accounting, human resources, IT, sales, and customer service. Each department operated independently but complemented the others. Employees interacted with victims through social media platforms such as Zalo and Telegram, persuading them to transfer money to designated accounts.

Victims were initially guided into private chat groups, where they were advised on making trades. They were encouraged to deposit more money using leverage (borrowed funds) to increase their trading volume. This practice often led to victims losing their entire accounts, referred to as "burning accounts."

To lure victims, the suspects initially allowed small, profitable trades, building their trust and enticing them to "go all in" with larger investments. Once victims were financially drained, the perpetrators severed contact, keeping all the money transferred.

Through electronic records recovered from the suspects, investigators identified 2,661 victims. Detailed records from sales staff included victims' full names, personal information, and initial deposits, which amounted to approximately $50 million USD.

Authorities estimate the actual figure could be much higher, as data from over 280 confiscated computers has yet to be fully analyzed.

Police have frozen or seized assets valued at over 5,200 billion VND, including:

316 billion VND in bank accounts
9 billion VND in bonds
Over 200 billion VND in savings accounts
69 billion VND in cash
2.3 million USD
890 SJC gold bars and 246 kilograms of raw gold
31 luxury cars and 7 high-end motorcycles
59 luxury watches valued at approximately 300 billion VND
84 gold and diamond-encrusted jewelry pieces
125 real estate properties under frozen transactions

According to Lieutenant Colonel Thai, Nam orchestrated the scam from Cambodia, where he primarily resided. Police closely monitored his movements, arresting him upon his return to Ho Chi Minh City and transferring him to Hanoi for prosecution.

Nam’s operation extended internationally, involving foreign collaborators and multiple shell companies. His tactics, which exploited trust and financial ignorance, are among the most elaborate fraud schemes uncovered in Vietnam.

How glamour deceived investors

Using social media platforms, TikToker Pham Duc Nam (Mr. Pips) and his accomplice Le Khac Ngo (Mr. Hunter) flaunted a luxurious, affluent lifestyle to gain the trust of potential investors. This facade lured victims into pouring money into fraudulent international trading platforms.

Mr. Pips’ TikTok account, managed by Pham Duc Nam, gained thousands of followers and tens of thousands of likes. Nam frequently uploaded videos sharing forex trading and derivative securities investment experiences.

According to Cau Giay District Police, Nam possessed extensive knowledge of finance and economics. After graduating high school, he received a full scholarship to study Information Technology at a university in Singapore. Fluent in English with an IELTS score of 8.5, Nam often showcased his "elite" lifestyle online.

Nam’s TikTok videos highlighted his supposed success from investing, featuring luxury cars, wads of cash, and opulent settings. On Facebook, Nam posted provocative photos with expensive cars parked in front of iconic landmarks like the Hanoi Opera House, presenting himself as a financial idol for young people aspiring to quick wealth.

Similarly, Ngo adopted the online persona "Mr. Hunter," creating TikTok content with titles like:

"How to Make Big Money?"
"From Bankruptcy to Building an Empire"
"Motivation to Achieve Wealth Through Value."

Ngo also staged photos with high-end cars, engaged in elite sports, and displayed branded watches to reinforce the image of success.

Nam and Ngo leveraged their online personas to lure gullible and uninformed investors, promising easy profits through trading on international platforms. Collaborating with a foreign group, they managed fraudulent trading websites such as GTMX, ALPHA TRADING, IQX, LONDONEX, IBMEX, ISWISS, TRUST, and JASFX.

The suspects used trading applications like MetaTrader 4 and MetaTrader 5 to create a veneer of legitimacy. Investors were initially allowed to earn small profits and withdraw funds to build trust. Gradually, they were encouraged to deposit larger amounts, often using leveraged funds. This strategy led to complete account losses ("burning accounts"), at which point the suspects cut contact and kept the victims’ money.

Legal implications and warnings

Colonel Thanh Kien Trung, Head of Cau Giay District Police, emphasized that international trading platforms for securities are not legally authorized in Vietnam. As such, any transactions conducted through them are illegal and not protected by law.

He advised: "When investing in securities, individuals should only engage with companies regulated by the State Securities Commission of Vietnam."

The Colonel also urged Vietnam’s skilled engineers, students, and professionals to use their expertise for legitimate and constructive purposes, contributing to the country's development rather than being exploited by criminals for illegal schemes.

Tien Dung