Vietnam 'Super Swindler' Case: 188 Proposed for Prosecution

Hanoi police have concluded a supplementary investigation into a massive fraud scheme orchestrated by "super swindler" Mr. Pips, whose real name is Pho Duc Nam, and his associate Mr. Hunter, also known as Le Khac Ngu. The investigation proposes prosecuting 188 individuals in total, a significant increase from the initial 75. Pho Duc Nam and Le Khac Ngu are accused of fraud and money laundering. Pho Duc Nam is alleged to have masterminded 920 fraudulent cases, defrauding victims of over 1.568 trillion Vietnamese dong (approximately $61 million USD). To launder the illicit funds, Nam reportedly purchased 32 properties and used 141 billion dong ($5.5 million USD) to buy gold, along with exchanging over $1.7 million USD and over $1 million Singapore dollars. The scheme, which began in 2018, involved Pho Duc Nam collaborating with a Turkish national named Isik Uran. Uran allegedly established and managed websites linked to MT4 and MT5 trading platforms for forex and international stock trading, though these platforms were reportedly designed to prevent genuine market trading. Customers invested by transferring money to the website operators. Pho Duc Nam and his associates then expanded the operation across Vietnam, using telemarketing and telesales fronts to lure investors before absconding with their money. The investigation also implicated Ngo Thi Thieu, Le Khac Ngu's wife, in the fraud charges. The extensive investigation report spans nearly 650 pages, detailing the complex network of shell companies, hired personnel, and numerous bank accounts used to facilitate the fraud.