Vietnamese businessman Nguyen Hoa Binh, widely known as Shark Binh from his appearances on the television investment show Shark Tank Vietnam, is facing a proposed prison sentence of nine to 10 years for his alleged involvement in a major investment fraud operation.

On November 4, prosecutors recommended the sentence during the trial of 188 defendants accused of involvement in a scheme allegedly orchestrated by Pho Duc Nam, known online as Mr Pips, which defrauded more than 900 investors of over VND 1.5 trillion (approximately $60 million).

Binh, a technology entrepreneur who founded and managed numerous companies, is accused of laundering more than VND 318 billion ($12.7 million) through the payment platform Ngan Luong.

His two subordinates, Nguyen Thi Nam and Tran Thi Thanh Tam, also face money laundering charges. Prosecutors recommended suspended prison sentences of 30 to 36 months for each.

According to the prosecution, the defendants' conduct undermined the integrity of financial activities.

However, prosecutors acknowledged that Binh and his two employees had cooperated with investigators and shown remorse. They also noted that the three stopped their alleged criminal activities in late 2022 and that Binh had returned the money he obtained from the transactions.

From technology entrepreneur to criminal defendant

Binh appeared before the Hanoi People's Court on October 26 wearing a formal shirt, looking noticeably thinner than during his television appearances.

Despite being handcuffed, he smiled toward reporters' cameras.

During questioning, he remained composed and told the court that he had established or managed approximately 40 technology companies, including Ngan Luong, a digital payment services provider.

According to the indictment, from June 2020, Binh and his employees Nam and Tam were aware that several trading platforms operated by Nam, including GKFX, DK Trade, ASX, ACX, Sea Investing, HonorFX and ScopeMarket, were suspected of criminal activities and were under police investigation.

Nevertheless, prosecutors allege that Binh instructed his employees to continue providing customer support services for the platforms' Ngan Luong electronic wallets to maintain transaction fee revenue.

He is also accused of directing Nam and Tam to coordinate with Nam and employees of the trading platforms to fabricate transaction data.

The allegedly falsified wallet information and transaction histories were subsequently provided to police investigators to obstruct efforts to trace investors' funds.

Between June 15, 2020, and September 23, 2022, a total of 232 victims transferred more than VND 318 billion into Ngan Luong wallet accounts associated with the trading platforms, according to the indictment.

Prosecutors concluded that the conduct of Binh, Nam and Tam constituted money laundering under Clause 3, Article 324 of Vietnam's Penal Code.

Shark Binh admits wrongdoing, accepts responsibility

During questioning on October 30, Binh acknowledged the allegations against him.

He said he had started his business activities with Ngan Luong in 2018 but had limited involvement in its daily operations because he was simultaneously managing dozens of other companies.

He explained that his general management policy was to investigate customer complaints thoroughly and protect customers' interests.

Initially, he paid little attention to investors using the trading platforms associated with Nam.

However, as the number of investors increased, Nam's businesses became major customers of Ngan Luong and received preferential customer support.

Tam was assigned to manage the relationship, leading to closer contact between the two businesses.

Binh said he later became concerned when complaints from investors began to increase.

Asked about his alleged instructions to fabricate transaction data and provide false records to investigators, he acknowledged the conduct.

"If we had not done those things, we would not be here today," he told the court.

Binh also claimed that he had never personally met Pho Duc Nam.

"At that time, I did not even know someone called Mr Pips existed. It was only after he was arrested and the media reported the case that I learned Mr Pips was my customer," Binh testified.

Presiding Judge Tran Nam Ha asked whether the defendants could have helped prevent Nam's alleged criminal activities by refusing to provide support.

Binh agreed.

When questioned about his prosecution, he expressed acceptance of responsibility.

"I fully understand my responsibility. I told myself that if I dared to do it, I must be prepared to face the consequences. I accept going to prison and any punishment resulting from my actions," he said.

When the judge suggested that the court might ultimately acquit him, Binh replied that he had accepted the possibility of imprisonment.

He subsequently attempted to speak further about his personal setbacks but was interrupted by the judge, who said he would have another opportunity to address the court.

During their testimony, Nam and Tam said they had acted under Binh's instructions and asked the court for leniency.

Nam broke down in tears, expressing her wish to return home to care for her young child and elderly parents.

Separate Antex case brings three additional charges

Beyond the money laundering allegations connected to the Mr Pips network, Binh is facing three additional criminal charges in a separate case involving the Antex cryptocurrency project.

One of the companies he managed was NextLand Group Joint Stock Company, which was associated with the Antex project.

In that case, investigators accuse Binh, in his capacity as chairman of NextLand, of fraudulently appropriating investors' assets through the development of Antex.

According to the allegations, the project's main cryptocurrency wallet received approximately 4.5 million USDT, equivalent to $4.5 million.

Using the lowest exchange rate recorded in 2021, investigators valued the amount at more than VND 101 billion.

In addition to fraudulently appropriating property, Binh faces charges of violating accounting regulations causing serious consequences and tax evasion.

The separate proceedings mean that the businessman is confronting criminal allegations in two different cases.

The proposed nine-to-10-year prison sentence relates specifically to the money laundering charge in the Mr Pips case and does not represent a final court judgment.

Once a familiar figure at technology conferences and startup investment forums, Binh now faces an uncertain future as the legal proceedings continue.

T. Nhung