Earlier, the Criminal Police Team of Cau Giay District, in coordination with the Ministry of Public Security and city police units, uncovered a cross-border fraud scheme involving forex and stock trading platforms. The ring was led by Phó Đức Nam (aka Mr Pips from Vung Tau) and Lê Khắc Ngọ (aka Mr Hunter from Hanoi).
Authorities have issued charges against Phó Đức Nam, born 1994, residing in Ward 8, Vung Tau City, Ba Ria – Vung Tau Province, Lê Khắc Ngọ, born 1990, residing in Phu Dien Ward, Bac Tu Liem District, Hanoi, and 24 others for “Fraudulent Appropriation of Assets,” “Failure to Report a Crime,” and “Money Laundering” under Articles 174, 390, and 324 of the Penal Code.
Initial investigations show that in June 2019, Phó Đức Nam teamed up with Lê Khắc Ngọ to set up a fraud ring modeled after brokerage firms.
To lure victims, they disguised themselves as legitimate companies operating in telemarketing, telesales, financial investment consulting, and stock brokerage. They promoted investments in major international stocks like Facebook, Apple, Pepsi, Microsoft, and Adidas to attract clients.
They created the website “artexvina.co” to recruit staff and build a professional image as an international stock investment advisory firm. Nam and Ngọ then used their team to approach and pitch clients. They also established branches nationwide, mainly in Ho Chi Minh City, Hanoi, Da Nang, and Cambodia.
Authorities found that Phó Đức Nam and his accomplices used fake company accounts and e-wallets to receive money from victims. They invited victims into private chat groups, teaching them how to deposit and withdraw funds to build trust. Then they encouraged large trades and leveraged loans, causing victims to lose their entire accounts quickly.
After victims lost their money, the scammers would lure them into new platforms with promises of recovering losses, continuing to steal their assets.
To carry out their crimes, Phó Đức Nam and Lê Khắc Ngọ organized multiple departments including IT, support, administration, and security, with thorough training systems.
During urgent searches of their homes and workplaces, investigators seized and froze assets worth over 5,000 billion VND, including 127 billion VND in cash, savings of about 306 billion VND, 216 kg of gold, 128 properties, 30 vehicles, 9 billion VND in bonds, and other valuable assets.
Minh Ngọc (reporting)
