The enormous fortune revealed in the Mr. Pips case.
The Hanoi City Police Department has completed its investigation and recommended the prosecution of Pho Duc Nam (aka Mr. Pips) and others. 73 defendants in the sensational fraud and money laundering case.
Notably, the search of the residence of Nguyen Thanh Tam – Nam's girlfriend and manager – uncovered a massive amount of assets.
Specifically, the authorities seized 44.8 billion VND in cash, 1.7 million USD, 67,000 SGD, and various other foreign currencies indicate a very large scale of money flow within the network.
Sophisticated methods of concealing assets
According to the investigation's conclusions, Pho Duc Nam used various deceptive tactics in order to Concealing illegally acquired assets , including having relatives register businesses and assets in their names.
Since 2021, Nam has instructed his girlfriend to contact relatives to set up "front" companies such as South Wealth or Tech Invest to legitimize the flow of money.
Furthermore, these assets are dispersed in various forms such as cash, foreign currency, gold, and high-value assets, making tracing them more complicated.
Having relatives "safeguard" assets is also a common tactic in large-scale money laundering cases.
Billion-dollar real estate and luxury assets
In addition to cash, investigators also seized... 214 SJC gold bars, 28 luxury watches (Rolex, Patek Philippe, Hublot) along with many other valuable assets.
Regarding real estate, Nguyen Thanh Tam was found guilty of using ill-gotten money along with Mr. Pips to purchase it. at least 9 properties , with a total value of over 170 billion VND .
In addition, Nam's father's belongings were also confiscated. Eight land ownership certificates , covering multiple apartments and houses in Ho Chi Minh City.
Before his arrest, Mr. Pips frequently posted pictures of luxury cars, cash, and extravagant possessions on social media. They build trust and "lure" investors , thereby expanding the scale of the scam.
