Vietnam to Prosecute 550 Sales Staff in Forex Scam Operated by TikToker "Mr Pips"

Vietnamese authorities are preparing legal proceedings against approximately 550 sales employees linked to the country’s largest-ever forex and securities fraud ring, allegedly orchestrated by Pho Duc Nam, popularly known as TikToker “Mr Pips.” 

Nam operated a network of illegal online trading platforms disguised as international investment firms. Victims were lured into using MT4 and MT5 applications with promises of high returns and zero risk.

Investigators revealed that the ring recruited and trained hundreds of sales agents to target victims through phone calls and social media, persuading them to invest in fictitious “international stock and forex markets.” Initial payouts were used to build trust before fabricated technical “errors” were introduced to seize investor funds.

47 suspects have been prosecuted. Police have interrogated 1,028 individuals connected to the operation, including 870 sales staff, 119 team leaders, 34 senior managers, and five office directors. Sales personnel received commissions of 1–4% per transaction, with payments routed through internal websites and intermediary bank accounts to obscure illicit flows.

Colonel Nguyen Duc Long, deputy director of the Hanoi Police Department, confirmed the case file is complete and has been transferred to the Hanoi People’s Procuracy for prosecution.

Authorities also disclosed that Nam and his relatives hold $1.5 million in bank accounts across Singapore, Cambodia, and Australia, alongside luxury properties and high-end vehicles. Asset recovery efforts, led by Hanoi Police, Vietnam’s Ministry of Public Security, and Interpol, have so far reclaimed VND5.3 trillion ($201 million).

An international arrest warrant has been issued for a Turkish suspect believed to be a top-level ringleader. Police are also urging Le Khac Ngo, alias “Mr Hunter,” to surrender.

Nam and Ngo reportedly launched the fraud network in 2021, creating English-language trading websites to simulate legitimacy. In reality, the platforms were controlled by Nam’s group and linked to bank accounts under their management. The scheme was dismantled in late 2024.

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