Vietnam’s largest financial fraud busted: ‘Mr. Pips’ TikTok star arrested with $197M in seized assets. The 30-year-old influencer’s lavish lifestyle crumbles as police uncover vast forex scam targeting over 2,600 victims.
Pho Duc Nam, widely known by his online alias “Mr. Pips,” has been arrested by Hanoi police for orchestrating what is being described as Vietnam’s largest ever financial fraud scheme involving foreign currency and stocks. The 30-year-old influencer, famous for his lavish lifestyle showcased on social media platforms like TikTok and YouTube, now faces severe charges.
Nam, along with 30 accomplices, is accused of fraudulent appropriation of property, failure to report a crime, and money laundering. The scheme, which reportedly began in June 2019, saw Nam and his associates set up fraudulent networks disguised as legitimate stock and forex brokerage services. They lured investors into private chat groups, promising high returns on investments in international stocks and currency trading, often backed by ostentatious displays of wealth to gain trust.
The police have seized assets valued at over 5,200 billion VND (approximately $197 million USD), including 31 supercars, 246 kg of solid gold, and 890 SJC gold bars, among other valuables. The fraud has impacted at least 2,661 victims, with many drawn into the scam by Nam’s promise of easy money through investments guided by his supposed expertise.
Nam’s modus operandi included sharing exclusive investment guides in the form of “Ebooks,” boasting of profits, and manipulating trading platforms to ensure investors’ accounts would lose money, thereby appropriating their funds. His arrest marks the culmination of months of investigation by Hanoi City Police, who had been tracking his activities after his social media presence suddenly vanished.
The case has prompted a broader discussion on the regulation of financial influencers and the dangers of unregulated investment advice online. Authorities are continuing their investigation, potentially looking into international connections as part of the scam. This has been highlighted as a stark reminder of the risks associated with following financial advice from social media figures without proper vetting.
For more details on the charges and the seizure of assets, visit Hanoi City Police’s Official Announcement and VnExpress International‘s coverage .
