VND5.3 trillion Seized: Wife of Vietnam's Biggest Forex Scam Mastermind Arrested in Thailand

Vietnamese police cooperated with Interpol and arrested Ngo Thi Theu, the wife of “Mr. Hunter”. She was was planning to flee to Turkey at the time of his arrest. The police will extradite the suspect to Vietnam for further investigation.

Vietnamese police also arrested Nguyen Thi Thuy, 43, a former accountant for TicToker “Mr. Pips”, Pho Duc Nam.

_{Le Khac Ngo}

Vietnamese police said Ngo and Nam had teamed up with a Turkish national in 2021 to commit the largest forex and stock scam in Vietnam's history. The fraudulent company they set up had several offices in Ho Chi Minh, Hanoi and other cities, including 44 offices in Ho Chi Minh.

They hired over one thousand of employees to provide investors with financial services such as stock services, but none of these businesses and employees had financial licenses. These employees were instructed by the masterminds to encourage victims to participate in the investment and promised high profits to lure more people, resulting in heavy losses for victims who trusted the platform.

Moreover, they pretended to help the victims recover the defrauded funds and caused them to be victimized twice.

Mr. Pips showed off his lavish life through social media platforms, posting photos of mansions and luxury cars. He told police that he was attracting investors by showing off his wealth.

It is reported that the fake trading platform has at least 2,660 victims.

_{Gold bars seized from the scammers by police}

At the end of last year, Vietnamese police arrested more than 30 suspects, including Mr. Pips, and seized more than US$208 million in assets. So far, police have identified 571 victims. They are urging more victims to report and cooperate with the investigation.

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