A Hanoi court opened proceedings against 188 defendants on Oct. 26, with prosecutors alleging that an online trading fraud caused more than VND1.568 trillion in losses.
The case includes Pho Duc Nam, known online as Mr Pips, and 187 co-defendants. Prosecutors accuse Nam’s girlfriend, Nguyen Thanh Tam, of laundering more than VND384 billion ($14.9 million) in criminal proceeds. EconoTimes previously covered the court’s decision to schedule the trial.
VnExpress International reported, citing the indictment, that investigators found 94 kilograms of gold at Tam’s Ho Chi Minh City apartment. Tuoi Tre’s separate account of the indictment lists 78 gold bars weighing nearly one kilogram each, 214 taels of SJC gold, and hundreds of other gold pieces and jewelry. Tuoi Tre reported that an investigative appraisal board valued the gold seized at Tam’s residence at more than VND222.1 billion.
Tuoi Tre also reported that authorities found VND44.8 billion and US$1.72 million in cash at the residence. Its account says the indictment links 32 properties worth more than VND378.2 billion to the group. Two companies were used in transactions involving 15 of those properties, valued at more than VND218 billion.
According to Nhan Dan’s account of the indictment, the websites presented themselves as forex and stock-trading services, while prosecutors allege the operators controlled orders instead of sending them to global markets. Dân Trí’s report on the indictment says sales staff pay was tied to customers’ initial deposits. Customer-service bonuses were based on net deposits—the amount deposited minus withdrawals.
At a Dec. 10, 2024, press conference, Hanoi Police said the websites were linked to MetaTrader 4 and MetaTrader 5 and alleged that customers were misled into depositing money before losing funds on the platforms.
Tuoi Tre’s Oct. 26 trial coverage put alleged losses at more than VND1.568 trillion; an earlier report by Nhan Dan gave a figure of nearly VND1.56 trillion. Tuoi Tre reported that proceedings are expected to last 15 days.
