Over 500 Sales Staff in Mr. Pips Case Face Imminent Prosecution?

On the afternoon of October 6th, during the Q3 press conference of the Ministry of Public Security, Colonel Nguyễn Đức Long, Deputy Director of Hanoi Police, revealed that Phó Đức Nam (aka TikToker Mr Pips) was the mastermind behind several illegal financial trading platforms.

Nam’s network operated under the guise of international financial investment companies, using trading apps like MT4 and MT5 to lure individuals into “investing in international stocks and Forex.” The group promised high returns with zero risk.

Sales agents were recruited and trained to approach victims via phone or social media, enticing them to invest in international stock markets. Initially, victims were allowed to win small trades to build trust, after which Nam’s group would find excuses to seize their assets.

Currently, aside from the 47 indicted suspects, Hanoi Police have summoned and recorded statements from 1,028 individuals from the sales department. Among them are 870 sales agents, 119 team leaders, 34 senior managers, and 5 high-level office managers.

Preliminary investigations reveal that these employees received salaries and commissions ranging from 1% to 4% of transaction values. Payments were made through an internal website where employees registered to receive their salaries. Subsequently, the finance department transferred funds through intermediary accounts to conceal illegal money flows.

By cross-referencing bank statements, police determined that employee incomes varied significantly, with some earning as little as 3.9 million VND, while others received up to 6.5 billion VND. Notably, 520 sales agents received bonuses ranging from 345,000 VND to 6.2 billion VND; 36 individuals received over 500 million VND, and 28 received between 200 million and 500 million VND. In total, nearly 600 individuals showed signs of complicity or aiding in the act of Fraudulent Asset Seizure.

According to Vnexpress, Colonel Nguyễn Đức Long stated, “We are consolidating evidence and have reached a basic agreement with the Hanoi People’s Procuracy to prosecute approximately 550 individuals.”

The Deputy Director of Hanoi Police also noted that Mr Pips possesses significant assets in multiple countries. Specifically, Nam and his relatives hold approximately 1.5 million USD in banks across Singapore, Cambodia, and Australia. Nam also owns several luxury properties, including two apartments in Cambodia worth around 800,000 USD, one apartment in Dubai valued at 600,000 USD, two condominiums in Australia worth 700,000 USD, and one apartment in Turkey valued at 400,000 USD.

Nam also boasts a collection of luxury vehicles, including two Lexus cars and one Range Rover Defender in Cambodia worth 500,000 USD, and two Rolls-Royces in Dubai valued at 700,000 USD. Hanoi Police are collaborating with the Investigation Police Agency and Interpol to verify, freeze, and recover assets in accordance with international law.

To date, the total value of recovered assets is approximately 5.315 trillion VND. Police have received 669 complaints and recorded statements from 601 victims, with reported losses exceeding 1.187 trillion VND.

In this case, apart from urging Lê Khắc Ngọ (Mr Hunter) to surrender, Hanoi Police have issued an international arrest warrant for a Turkish national suspected of being the ringleader.

The criminal network operated by Phó Đức Nam and Lê Khắc Ngọ (Mr Hunter) in Vietnam began in 2021, with multiple English-language websites designed to deceive users into believing they were reputable international forex trading platforms. In reality, these websites were programmed and linked to bank accounts controlled by Nam’s group.

According to Hanoi Police, this is the largest fraud scheme in Vietnam’s forex and stock market history. Most victims fell for the scheme due to the lavish lifestyle and wealth displayed by Nam and Ngọ, coupled with their desire to get rich quickly, making them easy targets.