Mr Pips: Tiktoker falls into the law for stock investment fraud, 5200 billion seized

Mr Pips, whose real name is Pho Duc Nam, is a TikToker famous for his videos about luxurious life and teaching how to earn income. However, he was recently arrested for being involved in a case of fraud, taking billions of dong.

Pho Duc Nam, born in 1994 in Vung Tau, is famous on social media with the nickname Mr Pips. He attracts hundreds of thousands of followers on TikTok and YouTube thanks to videos showing off his huge assets and sharing financial investment tips. Images of Nam's lavish life, beautiful house, and luxury cars have created trust and attracted many followers.

According to the investigation, since June 2019, Pho Duc Nam has colluded with Le Khac Ngo and many other subjects to set up a fraud network to appropriate assets. They hide under the names of financial investment guidance and securities brokerage companies, luring people to invest in stocks of multinational corporations.

The subjects created the website "artexvina.co" and recruited employees to approach, guide, and invite customers to invest. They also established branches nationwide, mainly concentrated in Ho Chi Minh City, Hanoi, Da Nang, and Cambodia.

To carry out this fraud, Nam and his accomplices used many "ghost" company accounts and e-wallets to receive money from customers. They lured customers into private chat groups, skillfully guiding them to deposit and withdraw money to create trust. Then, they instructed customers to place large orders, stimulated them to deposit more money, and used leverage to quickly lose all their money.

When customers have lost all their money, the subjects continue to invite them to participate in a new floor with more attractive offers, promising to win back the lost money. This causes many people to continue to be scammed and lose more assets.

The investigation agency conducted an emergency search of the subjects' residences and workplaces, seized and frozen assets worth more than VND5,000 billion. The seized assets included VND127 billion in cash, savings books worth about VND306 billion, 216 kg of gold, 128 real estates, 30 cars of various types, frozen VND9 billion in bonds and many other valuable assets.

During the investigation, Pho Duc Nam and his accomplices confessed to all their crimes. They admitted to colluding with a group of foreigners to organize fraud on 22 international stock investment floors. When the victims made a purchase or sale order on the floor, the subjects would intervene in the system, causing the victims to lose all the money they had deposited.

"When people see beautiful houses and luxury cars, it will convey trust to the viewer and the viewer will be attracted to these images so they can easily be lured into participating," said defendant Pho Duc Nam.

Hiding under the guise of a company operating in the fields of financial investment and securities brokerage, the subjects have established 44 offices across the country. In Hanoi alone, there are more than 1,900 employees who are managers and professional businessmen, with very strict division of labor.

"When inviting customers to the group, there are many fake accounts talking to each other saying that joining this floor is ok, joining this floor is profitable, you can withdraw money or have support. We use these fake accounts to talk to each other like that in the group to make customers trust us," defendant Trinh Xuan Son confessed.

"The group of subjects created absolute trust in the victims that the trading floor was real, that the winnings were real, so that people got deeper and deeper into it," informed Lieutenant Colonel Hoang Ngoc Cuong (Deputy Chief of Cau Giay District Police, Hanoi).

More than 120 red books, hundreds of kilograms of gold, dozens of supercars, 59 watches of the world's top famous brands, along with money, USD, handbags, diamonds... are the assets seized and frozen in the case with a total value of more than 5,200 billion VND.

38 cars and motorbikes were the evidence seized in this particularly large fraud case. Most of the vehicles in evidence were luxury and super luxury cars. All the cars, money and other evidence with a total value of up to thousands of billions of VND belonged to the 2 ringleaders. An extremely large amount of money the subjects illegally profited from nearly 2,700 victims.

The Mr Pips case has caused serious consequences, affecting thousands of victims. The total amount of money and assets appropriated is up to thousands of billions of VND. This case has shocked public opinion and raised many questions about the responsibility of authorities in supervising and managing financial investment activities on the Internet.

The case of Mr Pips is a valuable lesson in vigilance and caution when participating in financial investment activities online. It is also a warning for those who are attracted by attractive offers and luxurious images on social networks.

Vụ Mr.Pips: Phát hiện thêm 500 nghìn USD ở Singapore, tổng thu giữ 5.300 tỷ đồng Trí Nhi15:12:09 28/12/2024Vụ việc của Mr Pips trong vụ án siêu lừa đang khiến cõi mạng tiếp tục xôn xao, những diễn biến mới được cơ quan công an hé lộ, cho biết tổng tài sản thu được là 5.200 tỷ đồng, mới đây còn có thêm tiền ở nước ngoài.