At a press briefing held on July 7, the Hanoi Police provided new details on a sweeping fraud investigation involving Pho Duc Nam, also known as “Mr. Pips”.

Lieutenant General Nguyen Thanh Tung, Director of the Hanoi Police, announced that 44 individuals have been charged in connection with the case, including 38 charged with “Fraudulent Appropriation of Property”. International arrest warrants have been issued for four additional suspects.

In cooperation with Interpol, Hanoi police arrested Ngo Thi Theu—wife of suspect Le Khac Ngo (alias “Mr. Hunter”)—while she was hiding in Thailand. Officials said that they have formally requested Theu's extradition as she was showing signs of preparing to flee to Turkey. However, the process was expected to take longer as she was currently caring for a young child.

Investigators also arrested Nguyen Thi Thuy (born 1982), reportedly Nam’s personal accountant. The arrest led to the seizure of real estate assets and seven luxury vehicles.

Authorities have uncovered that Nam had deposited SGD1.2 million into a bank account in Singapore. Vietnamese police are now working with Interpol Singapore to freeze and seize the funds.

Lieutenant General Tung emphasized that efforts are ongoing to capture fugitive Le Khac Ngo, urging him to surrender. Hanoi Police are cooperating with both domestic and international agencies in the manhunt.

To date, police have seized VND5.315 trillion (approximately $203.4 million), identified 571 victims, and interviewed nearly 1,100 individuals.

Victims of fraudulent investment schemes associated with Nam’s platforms are urged to contact Hanoi police so their claims can be verified and restitution processed in accordance with the law.

The investigation found that beginning in 2021, Pho Duc Nam and Le Khac Ngo, both residents of Hanoi, collaborated with a Turkish national based in Morgan Tower, Phnom Penh, Cambodia. They orchestrated the creation of numerous shell companies, managed by seven associates across Hanoi, Ho Chi Minh City, and various provinces in Vietnam.

Among these entities was ARTEX VINA LLC, based in Ho Chi Minh City, which operated 44 representative offices nationwide—including 24 in Hanoi. Despite having no license for securities or financial services, the company hired approximately 1,000 employees to promote foreign exchange (forex) and derivatives trading.

The perpetrators developed and managed five fraudulent websites—Alpha.com, Gtmx.com, Btfx.com, Enzofx.com, and Gkfx.com—with professional English-language interfaces that mimicked reputable international trading platforms. These platforms were directly linked to the suspects’ controlled bank accounts.

All sites were connected to MetaTrader 4 and MetaTrader 5 (MT4/MT5)—popular global applications used for forex and securities trading.