Vietnam Cracks Down on $200M Forex Fraud Scheme: 44 Charged, Four Wanted

Vietnamese authorities have charged 44 individuals in a sweeping fraud case led by Pho Duc Nam, also known as “Mr. Pips,” with 38 defendants facing charges of 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 (“Mr. Hunter”), while she was hiding in Thailand. Authorities believe she was preparing to flee to Turkey and have formally requested her extradition. Police continue their manhunt for Le Khac Ngo, urging him to surrender. 

Investigators also arrested Nguyen Thi Thuy, allegedly Nam’s personal accountant, leading to the seizure of real estate holdings and seven luxury vehicles.

Authorities uncovered SGD 1.2 million in a Singaporean bank account linked to Nam. Interpol Singapore is assisting in efforts to freeze and seize the funds.

So far, the investigation has resulted in the seizure of VND 5.315 trillion (approx. $203.4 million), identification of 571 victims, and interviews with nearly 1,100 individuals.

The scheme, allegedly active since 2021, involved Nam and Ngo colluding with a Turkish national operating out of Morgan Tower in Phnom Penh, Cambodia. They established shell companies, managed by seven accomplices across Hanoi, Ho Chi Minh City, and various provinces in Vietnam.

Among them was ARTEX VINA LLC, headquartered in Ho Chi Minh City, with 44 representative offices nationwide, despite lacking licenses for financial or securities services. The company employed roughly 1,000 staff to promote unregulated forex and derivatives trading.

The perpetrators also operated five fraudulent websites—Alpha.com, Gtmx.com, Btfx.com, Enzofx.com, and Gkfx.com—which mimicked reputable platforms with English-language interfaces. These sites were directly linked to suspect-controlled bank accounts and integrated with MetaTrader 4 and 5, apps widely used in global forex trading.

Avoid interacting with Alpha.com and Gkfx.com, which are currently accessible

If you suspect you have fallen victim to a forex scam, you can Submit a Complaint to BrokersView.