According to Hanoi Police, Mr. Pips Pho Duc Nam owns a series of high-end real estates such as two apartments in Cambodia, one apartment in Dubai, two apartments in Australia, and one apartment in Türkiye.
Colonel Nguyen Duc Longing said Nam's network operated under the guise of international financial investment companies, using MT4 and MT5 trading applications to lure people into investing in international stocks and Forex.
This group promises high profits and zero risk. Sales staff are recruited and trained to approach victims via phone or social networks, inviting them to invest in international stock exchanges.
At first, investors were allowed to win a few small orders to gain trust, then they used the excuse to find errors and seize assets.
In addition to the 47 defendants prosecuted, Hanoi City Police also summoned and recorded statements from 1,028 people in the business department.
Among them were 870 sales staff, 119 team leaders, 34 senior managers, and 5 senior office managers. This group initially declared that they were paid salaries and commissions of 1-4% of the transaction value.
Salaries and bonuses are transferred through the internal website salesnetwork.info, where employees register their salary accounts. The finance department then transfers the money through an intermediary account to avoid detection of illegal money flows.
Through comparing statements, the police determined that the income of each employee ranged from more than 300,000 VND to more than 6.2 billion VND. Among the 550 sales who received bonuses, 36 people received 500 million VND or more, and 28 people received 200 to 500 million VND.
In total, nearly 600 people in the system were identified as having signs of complicity or assisting in fraudulent property appropriation.
"We are consolidating the files and basically agreeing with the Hanoi People's Procuracy to prosecute these people according to regulations. Preliminarily, there will be a total of nearly 600 people prosecuted," said Colonel Longing .
Also according to Colonel Longing, during the investigation, the Hanoi City Police Investigation Agency seized 69 billion VND in cash; 2.3 million USD; 890 SJC gold bars, 246 kg of solid gold; 156 billion VND in accounts; and 41 cars.
Most recently, on September 24, an additional Volvo XC 90 car was seized; 59 famous brand watches, gold jewelry, designer handbags, and transactions of 133 real estates were suspended... The total value of the confiscation was about 5,315 billion VND.
In addition, it has been clarified that Pho Duc Nam asked relatives to deposit 1.5 million Singapore dollars into a Singaporean bank and is coordinating with Interpol Singapore to freeze and seize this amount of money and many real estates in other countries.
Nam also owns a series of high-end real estate such as two apartment in Cambodia worth about 800,000 USD, an apartment in Dubai worth 600,000 USD, two apartments in Australia worth 700,000 USD, an apartment in Türkiye worth 400,000 USD.
