A Hanoi trial of 188 defendants in an alleged forex fraud case is set to begin Monday, Oct. 26, with the supplementary investigation conclusion putting losses above VND1.568 trillion.
VnExpress International says the indictment accuses Nguyen Thanh Tam of handling alleged proceeds and acquiring assets worth VND384 billion ($14.9 million); Tam is in a relationship with TikTok personality Pho Duc Nam, known online as Mr Pips. VnExpress reported that investigators found gold weighing more than 94 kilograms at Tam’s Ho Chi Minh City apartment. The collection reportedly included ingots and bars, as well as more than 500 gold packs sealed in blister packaging.
Tuoi Tre reported that the supplementary investigation conclusion valued the gold at more than VND222.1 billion. Its account said the inventory included 214 taels of SJC gold, 78 bars each close to one kilogram, and other gold items.
The conclusion alleges that Nam and Turkish national Isik Uran created 36 websites resembling international trading platforms. It says the sites had no link to global markets and operators kept money customers lost. The conclusion attributes 920 alleged fraud cases to Nam. VTV separately reported 919 cases and losses near VND1.56 trillion, a different tally from the conclusion’s account. Under the alleged model, customers bore losses while operators collected the money.
An earlier snapshot from Vietnam’s Ministry of Public Security shows the investigation at a previous stage. In an Oct. 6, 2025, update, the ministry said police had received 669 complaints, recorded statements from 601 victims and logged reported losses above VND1.187 trillion. It also said authorities had opened cases against 47 suspects, including 38 on fraud charges, frozen transactions involving 133 properties, and seized or held assets valued at about VND5.315 trillion. Those figures reflect the case at that earlier stage.
The defendants face charges including fraud, money laundering and handling assets obtained through crime. The Hanoi hearing is expected to last 15 days.
