Hanoi TikToker internationally wanted for involving in multi-billion-dollar scam

Hanoi police have issued an international arrest warrant for Le Khac Ngo, known as "Mr. Hunter," a key accomplice in a recently-dismantled massive foreign exchange and securities fraud ring.

Ngo is alleged to have co-conspired with Pho Duc Nam, a TikToker better known as "Mr. Pips," in defrauding thousands of investors out of trillions of VND (VND1 trillion = $39.3 million).

On December 20, Hanoi police confirmed that they had collaborated with Interpol to issue an international arrest warrant for Ngo, aged 34, from Bac Tu Liem district.

Ngo is wanted for his role in a complex scam involving fraudulent appropriation of assets, money laundering, asset concealment, and failing to report crimes. Nam, alongside Ngo and 29 other individuals, has been investigated for these charges.

Ngo, who has since fled, is urged to surrender in exchange for leniency, according to the police. Together with Mr. Pips, Ngo is also known by the alias "Mr. Hunter," a self-styled expert in financial markets with "a 13-year career in foreign exchange and securities investments".

The two are accused of orchestrating a sophisticated fraud network that swindled investors out of vast sums of money.

Previously, Nam and Ngo were regularly featured on social media platforms, flaunting luxurious lifestyles. Their posts often included images of expensive clothing, supercars, and displays of wealth, such as gold bars, diamonds, and large amounts of cash. These flashy appearances helped bolster their credibility in the eyes of their victims.

Initial investigations revealed that in June 2019, the two began collaborating to create a fraudulent investment platform based on the model of securities brokerage firms. Police said that the duo used fake company accounts and e-wallets to attract victims, convincing them to deposit funds into trading accounts.

They then manipulated investors by convincing them to make increasingly larger trades, often using leverage, which made many victims quickly lose all their money.

Once the victims had lost their initial investments, the fraudsters lured them into joining new "trading platforms," promising to recover their losses with the help of new, seemingly profitable investment opportunities.

This continuous cycle allowed the perpetrators to sustain their operations and defraud investors over an extended period.

To carry out their scheme, Nam and Ngo created a website, "artexvina.co," under the guise of a legitimate investment company offering expert advice on international stock market trading.

They recruited employees, set up a professional image, and promoted the company as operating with branches nationwide, including in major cities like Hanoi, Ho Chi Minh City, Da Nang, and even in Cambodia.

The fraudsters also established several departments within the company, including IT, support, administration, and security, and conducted systematic training for their staff. These employees were then tasked with luring new victims, advising them on investments, and pushing them to deposit more money.

Operating under the pretense of a legitimate financial consulting firm, the group employed telemarketing and telesales techniques to attract customers. They persuaded victims to invest in well-known international companies such as Facebook, Apple, PepsiCo, Microsoft, and Adidas, among others.

Using these high-profile brands, they successfully convinced investors to part with their money, and then swindled it.

Investigators have uncovered that the fraudsters managed over 21 websites and used seven separate bank accounts to facilitate the illicit transactions. They created fake companies, including Investo Ltd., Usin VN Ltd., and Artex Vina Ltd., which were used as fronts for recruiting employees and conducting fraudulent activities.

Initially, the perpetrators contacted potential victims via messaging platforms like Zalo and Telegram, offering small, easily withdrawn investments. Once the victims were drawn in, they would coax them into depositing more money, promising high returns that ultimately resulted in the victims' accounts being "burned" through leveraged trading losses.

Police already seized and froze assets worth over VND5.2 trillion ($204.3 million) of the suspects. These included VND316 billion in accounts, savings of VND200 billion, VND69 billion in cash, $2.3 million, 890 bullions of SJC gold, 246 kilogramss of gold, 31 vehicles, and 125 properties.

More than 2,660 victims have been identified across Vietnam, but their exact amounts of money appropriated have yet to be determined.