Update on the Fraud Case Involving Tiktoker Pho Duc Nam

Recent investigations have revealed further assets tied to the fraud case of the popular Tiktoker, Pho Duc Nam, also known as Mr. Pips. The findings include 12 billion VND, 18 properties such as apartments and villas, and $500,000 in overseas bank accounts.

At a press conference on December 26, Major General Nguyen Thanh Tung, the Deputy Director of the Hanoi Police Department, shared insights on the ongoing investigation. Criminal proceedings have been initiated against 31 individuals for various offenses from late October to mid-November.

The charges consist of 26 individuals accused of “fraudulent appropriation of assets,” 3 for “money laundering,” 1 for “failure to report a crime,” and another for “harboring criminal property.”

As of December 27, authorities have successfully retrieved 12 billion VND, secured 18 residential properties, and traced $500,000 in foreign accounts. The total value of assets linked to Pho Duc Nam is estimated at 5,300 billion VND (about $217 million USD).

The police are currently in the process of seeking approval to access Nam’s foreign assets and digital wallet funds.

Both Nam and his accomplice, Le Khac Ngo, have been charged with various crimes, including “fraudulent appropriation of assets,” “failure to report a crime,” and “money laundering.” They are both born in 1990.

Investigative findings reveal that Nam and Ngo established 44 offices across the country, employing over 1,000 staff members. They operated 24 offices in Hanoi and 20 in other provinces to facilitate their extensive deception scheme, backed by trained personnel and advanced tactics.

The authorities have confiscated and frozen significant assets associated with the suspects, with estimates exceeding 5,200 billion VND.

Among the seized assets are:

• 316 billion VND in bank accounts
• Bonds valued at 9 billion VND
• Savings certificates exceeding 200 billion VND
• 69 billion VND in cash
• $2.3 million USD
• 890 SJC gold bars
• 246 kg of raw gold
• 31 luxury vehicles
• 7 high-end motorcycles
• 59 designer watches worth about 300 billion VND
• 84 pieces of jewelry adorned with gold and diamonds
• 125 real estate properties currently under restriction

This comprehensive inventory signifies the magnitude of the fraud scheme, highlighting the diligent work required by authorities to investigate and recover embezzled assets.