From $60m in alleged fraud to 250kg of gold & luxury cars: The staggering figures behind Vietnam’s Mr Pips case

The Hanoi People's Court on Tuesday entered the second day of the trial of 188 defendants, including Pho Duc Nam (Mr Pips), Le Khac Ngo (Mr Hunter), and businessman Nguyen Hoa Binh (Shark Binh), on charges including fraud, money laundering, and related offenses.

According to the indictment, Nam allegedly masterminded an investment fraud network involving 919 cases, with nearly VND1.56 trillion ($60.4 million) misappropriated from investors.

The group allegedly established 81 shell companies, rented 43 offices, opened 66 bank accounts, and operated 36 fake websites posing as international forex and securities trading platforms.

These platforms did not conduct actual market transactions. Instead, operators allegedly controlled trading data to make investors lose money, repeatedly persuaded them to deposit more funds, and delayed withdrawals when they sought to recover their money.

The trial, which opened on Monday, is expected to last 15 days.

250kg of gold, billions in cash and 111 properties

The investigation uncovered an extensive collection of assets linked to the defendants and their associates.

Among the most striking discoveries was approximately 250 kilograms of gold, valued at more than VND611 billion ($23.6 million) based on valuations conducted in October and November 2024.

Of this, more than 94kg of gold, valued at approximately VND222 billion ($8.6 million), was seized at the residence of Nguyen Thanh Tam, Nam's girlfriend.

Other gold holdings were recovered from properties associated with Ngo's former wife Ngo Thi Theu and members of Nam's family.

Authorities also seized or received roughly VND122.7 billion ($4.75 million) in cash, along with more than $2.3 million and other foreign currencies.

At Tam's residence alone, police found VND44.8 billion ($1.73 million) and more than $1.7 million linked to Nam.

Investigators also froze 18 savings accounts containing VND59.3 billion ($2.3 million) and suspended transactions involving 111 properties owned by the defendants and related individuals.

The seized assets also included 60 watches, 33 handbags, and three wallets found at Tam's residence, featuring luxury brands such as Rolex, Patek Philippe, Richard Mille, Hermès, Chanel, and Louis Vuitton.

41 luxury cars, including Rolls-Royce, Ferrari and Porsche

Luxury vehicles formed another substantial part of the assets identified in the investigation.

Authorities recorded 41 cars linked to the defendants and related individuals, including 25 cars and seven motorcycles attributed to Nam.

His collection included a Rolls-Royce Cullinan, estimated to cost more than VND40 billion ($1.55 million) on the road in Vietnam, alongside a Ferrari Roma, Porsche 911 Turbo S, Mercedes-AMG G63, and Nissan GT-R.

However, many of the vehicles were registered under other people's names.

According to the indictment, Nam used a transport company established with another person's identification details to register eight vehicles, including the Rolls-Royce Cullinan and Mercedes-AMG G63.

Several sports cars were registered under the names of relatives and acquaintances, while only two cars were directly registered to Nam.

Investigators also identified a Tesla Model S that Nam and his girlfriend said they had purchased, although its whereabouts remained unknown.