Authorities in Vietnam have recommended the prosecution of 188 individuals in the high-profile “Mr Pips” online investment fraud case, one of the country’s largest alleged financial scams. According to the supplementary investigation conducted by Hanoi Police, the alleged criminal network is accused of defrauding 920 investors of more than 1.568 trillion Vietnamese dong (approximately ₹5,300 crore) through fake forex and international investment trading platforms. The case involves allegations of fraud, money laundering and concealing assets derived from criminal activity.
Investigators have recommended prosecuting the alleged mastermind Pho Duc Nam, also known as “Mr Pips,” and his associate Le Khac Ngo, alias “Mr Hunter,” on charges of fraud and money laundering. Ngo’s wife and numerous other suspects also face allegations of fraud, money laundering and handling assets allegedly obtained through criminal activities.
According to investigators, the first investigation report was submitted to the prosecution authority in February 2026, recommending legal action against 75 suspects. At that stage, investigations involving eight wanted suspects were temporarily suspended. The probe was later reopened after two fugitives surrendered, leading investigators to recommend prosecution against a total of 188 individuals.
The investigation alleges that in 2018, Pho Duc Nam partnered with Turkish national Isik Uran to establish a fraudulent investment network using websites integrated with the widely known MT4 and MT5 trading platforms. The websites were allegedly designed to resemble legitimate international brokerage firms in order to convince investors that they were participating in genuine global stock and forex trading.
Police allege that the platforms had no connection with actual international financial markets. Instead of investing clients’ funds, the operators allegedly retained control of the deposits. Investigators claim that investors were initially allowed to earn modest profits and make limited withdrawals to build confidence. They were then encouraged to invest larger amounts before allegedly being subjected to manipulated trading losses or excessive charges, resulting in the misappropriation of their investments.
According to the supplementary investigation, the network allegedly operated through 36 fraudulent trading websites and 85 shell companies. Some of these companies were reportedly used for recruitment, others for server leasing agreements, while additional entities handled customer support and sales operations. Investigators allege that employees received scripted sales pitches rather than formal financial training and were instructed to persuade potential investors to transfer money into accounts linked to the fake platforms.
Police claim the network carried out 920 alleged fraud cases, causing losses exceeding 1.568 trillion Vietnamese dong. Investigators have identified Pho Duc Nam as the principal architect of the operation, alleging that he laundered the proceeds by purchasing 32 real estate properties, spending 141 billion Vietnamese dong on gold, more than US$1.7 million on other assets, and acquiring additional luxury property in an effort to conceal the illicit funds.
Le Khac Ngo is accused of involvement in 287 alleged fraud cases involving more than 344 billion Vietnamese dong in investor losses. Investigators further allege that he laundered funds through the purchase of four properties and 143 gold bars.
The supplementary investigation also recommends prosecuting the chairman of a payment intermediary company on allegations of money laundering. Investigators claim the company continued providing e-wallet services to the alleged fraudulent platforms despite being aware of their illegal activities and allegedly attempted to conceal the true transaction records by creating fictitious wallet entries.
Authorities said the investigation into digital payment systems, banking transactions, shell companies and cross-border financial flows remains ongoing. Further legal action will be taken based on the evidence collected, while investigators continue examining the possible involvement of additional individuals connected to the alleged online investment fraud network.
