•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Hanoi City People’s Procuracy has returned the case file and requested additional investigation into a fraud and asset misappropriation case involving Phó Đức Nam (born 1994, known as “Mr Pips,” resident in Ho Chi Minh City) and several co-conspirators, seeking to clarify certain details.
According to the Procuracy’s decision, the police are to conduct further investigation into the fraud and money laundering allegations against defendant Phó Đức Nam (aka Mr Pips) to address specific issues identified in the case.
The case was initiated by Cau Giay District Police on October 30, 2024. By February 2026, the Hanoi Police Investigation Agency issued an investigation conclusion recommending that Phó Đức Nam be charged with “Fraud” and “Money Laundering.”
In the same case, defendant Le Khắc Ngọ (aka “Mr Hunter,” born 1990, from Hung Yen) and his wife Ngô Thị Thêu (born 1995, from Hai Phong) were indicted for “Fraud.”
Nguyễn Hòa Bình (born 1981, Chairman of NextTech) was accused of “Money Laundering,” with allegations that he used the Ngân Lượng company to assist illicit transactions related to Mr Pips’s operations.
In addition, 71 other defendants were indicted for “Fraud,” “Money Laundering,” or “Possessing, disposing of assets derived from criminal activity.”
Based on the first investigative conclusion, since 2018, Phó Đức Nam (Mr Pips) befriended a Turkish individual named Isik Uran (born 1984). Together, they allegedly planned and operated fake websites that mimicked stock and foreign-exchange exchanges to gain investor trust.
Investigators said Nam directed staff to pose as financial professionals and persuade customers to open accounts and deposit funds. The “exchanges” were not connected to international markets; instead, they were allegedly run by Nam, with transactions controlled by the group and profits from losses directed to the network.
In Vietnam, Nam and Le Khắc Ngọ (Mr Hunter) allegedly organized offices, recruited staff, and established shell companies under the guise of financial advisory and brokerage to recruit participants.
To carry out the scheme, Nam was alleged to have ordered up to 85 “ghost” companies and divided them into departments such as marketing, customer service, and technical support to operate a professional fraud network. The case file identifies Phó Đức Nam as the mastermind and leader.
The case file states that from 2019, Nam discussed and agreed with Isik Uran to build a fraud system by creating 36 fake websites impersonating financial exchanges.
Nam was also alleged to have directed staff to establish shell companies, using corporate names to recruit personnel and sign leases for phone-number lines used to support a Zoiper calling application.
To manage cash flow, Nam allegedly organized 69 bank accounts and intermediary-payment accounts linked to the exchanges to receive investor funds.
The group allegedly rented offices in multiple locations, including Hanoi, Ho Chi Minh City, Da Nang, and Bình Dượng (old), creating independent units while keeping them tightly linked as a single fraud system.
Investigators determined that Nam bears responsibility for all 738 fraud cases, totaling more than 1,301 billion VND.
Additional material in the file indicates that 150 victims transferred over 213.4 billion VND to Ngân Lượng accounts to fund investments in the forex platforms referenced in the scheme.
The case materials state there is sufficient basis to determine that Nguyễn Hòa Bình, Trần Thị Thanh Tâm, and Nguyễn Thị Nam committed money laundering under Article 324, Paragraph 3 of the Penal Code.
(Further excerpts in the source content describe other associated individuals and actions.)
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
