Investigation uncovers 214 gold bars stamped SJC, nearly 100 billion VND in cash, and a collection of high-end watches at the home of Mr Pips' girlfriend

According to Hanoi Police, investigative authorities have issued their investigation conclusion and proposed prosecuting Phó Đức Nam (alias Mr Pips; born 1994 in Ho Chi Minh City, originally from Thành Sen ward, Hà Tĩnh province), Le Khắc Ngọ (alias Mr Hunter; born 1990 in Hưng Yên), and 73 other defendants in an asset fraud and money laundering case.

Alleged scheme to conceal criminal proceeds

In the investigation conclusion, authorities said that to conceal assets obtained from crime, in October 2021 Phó Đức Nam instructed his girlfriend, defendant Nguyễn Thanh Tâm, to contact his father, defendant Phó Đức Thắng, to identify the person whose name would be used to register a company.

At the time, Mr Thắng allegedly borrowed a colleague’s identification to help Tâm complete the establishment of South Wealth Real Estate Co., Ltd (South Wealth). The investigation also stated that Nam asked another person to register Tech Invest JSC. Authorities said these tactics were used to conceal the large assets derived from Mr Pips’ alleged criminal activities.

Seized assets from Nguyễn Thanh Tâm

Investigators said they seized large assets at the home of Nguyễn Thanh Tâm, who was described as the female manager and Nam’s girlfriend. A crackdown was carried out at the Masteri Thảo Điền apartment complex in Thủ Đức City, Ho Chi Minh City, where authorities seized assets totaling:

• 44.8 billion VND
• 1.7 million USD
• 67,000 SGD
• 17,200 Dirhams (Dubai currency)
• 2,359 Ringgit (Malaysia)
• 30,855 yuan

Along with foreign currencies, authorities also seized 214 gold bars marked “SJC Dragon Gold 999.9 Fine Gold,” and 28 luxury watches, including 2 Rolex, 5 Patek Philippe, and 7 Hublot.

Additional seizures and property acquisitions

Authorities reported that searches of Phó Đức Nam’s residence at The Gold View apartment complex in Ward 1, District 4, Ho Chi Minh City resulted in the seizure of an iPhone 15 Pro Max and an iPhone 13 Pro Max.

Regarding defendant Phó Đức Thắng, investigators searched his private residence and seized eight land-use certificates, including apartments at Masteri Thảo Điền and houses along Xa lộ Hà Nội in Thảo Điền, Thủ Đức City.

The investigation also stated that Nguyễn Thanh Tâm, together with Mr Pips, used money obtained from crime to purchase two properties. It further said Tâm cooperated with Nguyễn Thị Thủy (Nam’s paternal aunt) to acquire an additional seven properties, registered under South Wealth and Tech Invest, with a total value exceeding 170 billion VND.