Police to initiate legal proceedings against 550 salespersons tied to Vietnam's largest forex scam

Vietnamese police are set to launch legal proceedings against around 550 sales employees for their roles in the country’s largest-ever forex and securities fraud ring, allegedly run by Pho Duc Nam, better known as TikToker “Mr Pips”.

Speaking at a press meeting on Monday, Colonel Nguyen Duc Long, deputy director of the Hanoi Police Department, said Nam founded and operated a network of illegal online trading platforms disguised as international investment firms. The group lured investors using trading applications such as MT4 and MT5, promising high returns with zero risk.

According to investigators, Nam’s network recruited and trained hundreds of sales agents to approach victims via phone and social media, persuading them to invest in supposed “international stock and forex markets.” Victims initially received small profits to build trust before the group fabricated technical “errors” to seize their funds.

So far, 47 suspects have been prosecuted, while police have summoned and interrogated 1,028 individuals connected to the operation, including 870 sales staff, 119 team leaders, 34 senior managers, and five office directors.

The sales personnel were paid commissions ranging from 1-4% of each transaction value, with salaries and bonuses transferred through internal company websites and intermediary bank accounts to conceal illicit money flows.

“We have completed the case file and agreed with the Hanoi People’s Procuracy to prosecute about 550 individuals,” Colonel Long said.

Authorities also revealed that Nam and his relatives hold $1.5 million at bank accounts across Singapore, Cambodia, and Australia, along with a portfolio of luxury properties abroad and high-end automobiles.

The Hanoi Police, in cooperation with Vietnam’s Ministry of Public Security and Interpol, are working to trace, freeze, and recover assets abroad. So far, authorities have recovered about VND5.3 trillion ($201 million).

Investigators have also issued an international arrest warrant for a Turkish suspect believed to be a top-level ringleader, while urging another accomplice, Le Khac Ngo, aka “Mr Hunter,” to turn himself in.

Nam and Ngo reportedly began operating the fraud network in 2021, launching English-language trading websites to create the illusion of legitimacy. In reality, the platforms were controlled by Nam’s group and linked to bank accounts under their management.