Hanoi court tries 188 in Mr Pips’ $160.4mn investment fraud case

Of the 188 defendants, 187 were present at the trial venues in Hanoi and Ho Chi Minh City, while one had requested to be tried in absentia because she is pregnant and nearing her due date.

Among them, three - Pho Duc Nam, born in 1994 and residing in Tam Thang ward, Ho Chi Minh City; Le Khac Ngo, also known as Mr Hunter, born in 1990 and residing in Phu Dien Ward, Hanoi; and Nguyen Thanh Phong, born in 1990 and residing in Ben Cau Commune, Tay Ninh Province - have been indicted by the Hanoi People’s Procuracy for “fraudulent appropriation of property” under Article 174 of the Penal Code and “money laundering” under Article 324.

Nguyen Thi Thuy, born in 1982 and residing in Tam Thang Ward, Ho Chi Minh City, has been charged with “money laundering” and “tax evasion” under Article 200 of the Penal Code.

Nguyen Hoa Binh, also known as "Shark Binh", born in 1981 and residing in Ha Dong Ward, Hanoi, and five others have all been accused of “money laundering.”

Pho Duc Tuan, born in 1985 and a cousin of Pho Duc Nam, has been indicted separately for “harbouring property acquired through crime” under Article 323 of the Penal Code.

The remaining 177 have been charged with “fraudulent appropriation of property.”

Nam and his accomplices allegedly set up 36 websites posing as international foreign exchange and securities trading platforms. According to the indictment, the sites did not execute real market transactions. Instead, they allowed operators to profit directly from investors’ losses.

The group allegedly used shell companies, 66 bank and payment accounts, and offices in several major cities to recruit investors, collect deposits and misappropriate their money. Nam is held responsible for 919 alleged fraud cases.

Investigators concluded that Nam used more than VND560 billion in criminal proceeds to buy 32 properties, gold and foreign currencies. Le Khac Ngo reportedly spent nearly VND200 billion in criminal proceeds on four properties and 143 gold bars. Ngo is linked to 287 alleged fraud cases involving nearly VND340 billion.

Three other defendants allegedly continued supporting payment services for the platforms and falsified transaction records to obstruct investigations. Prosecutors said 232 victims transferred nearly VND319 billion into the relevant payment wallets between June 2020 and September 2022.

The trial is expected to last 15 days.