Mr Pips Scam: Vietnam Uncovers 5.3 Trillion Fraud
Case Overview
The Mr. Pips – Phó Đức Nam case, also known as Antex or Artex Vina, has become one of Vietnam’s largest financial fraud cases in 2024–2025.
The network operated under the guise of financial investment, forex, and derivative trading platforms, but was in fact a sophisticated Ponzi-style scam.
Authorities estimated around 2,600 victims with total damages exceeding 5.3 trillion VND.
Mr Pips – Phó Đức Nam
Sophisticated Fraud Scheme
Phó Đức Nam and his associates exploited fake brokerage companies and international trading platforms to recruit sales staff and attract investors.
Participants were promised high profits and initially allowed to withdraw small returns to gain trust. Later, they were urged to deposit more money, use leverage, and “close losing trades,” leading to complete losses of their funds.
The group set up office branches with guards, surveillance systems, and dedicated IT infrastructure to conceal illegal operations.
Arrests, Prosecution, and Asset Seizures
In October 2024, Hanoi Police, in coordination with other agencies, arrested Phó Đức Nam and dozens of accomplices.
A total of 31 suspects were prosecuted — 26 for “fraudulent appropriation of property,” while others faced charges of money laundering, failure to report crimes, or harboring illegal assets.
Authorities seized and froze assets worth more than 5.3 trillion VND, including cash, gold, luxury real estate, high-end cars, and designer watches.
Investigations revealed that Nam had transferred approximately 1.2 million USD abroad; international cooperation through Interpol was initiated to block those funds.
During further investigation, additional assets worth hundreds of billions of dong — luxury apartments, cars, and bank balances — were also confiscated.
Legal Liability and Possible Penalties
Under Vietnam’s Penal Code (Article 174, Clause 4), Phó Đức Nam’s conduct constitutes fraudulent appropriation of property.
Given the scale of the damages and number of victims, the maximum penalty may range from 12 to 20 years in prison or life imprisonment.
Other individuals who aided, promoted, or directly participated in the fraudulent investment schemes could face similar prosecution as accomplices.
Next Steps and Warnings for Investors
Hanoi Police have urged victims to contact authorities for verification and potential reimbursement once their losses are confirmed.
Legal experts warn investors to be cautious of platforms promising unusually high returns, especially those without official business registration or government authorization.
Before investing, individuals should always check licensing information, verify company legitimacy, and never transfer funds to personal or unverified accounts.
Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.