Secretary of the Hanoi Party Committee Bui Thi Minh Hoai has sent a letter of commendation to units of the Hanoi Police Department for coordinating with professional units of the Ministry of Public Security to investigate and dismantle a criminal ring related to Tiktoker Mr Pips (ie Pho Duc Nam, 30 years old, residing in Ba Ria - Vung Tau).

This is a transnational crime ring, using high technology to defraud and appropriate people's assets through calling for investment on illegal foreign exchange and stock exchanges.

In the letter, the Secretary of the Hanoi Party Committee emphasized that this is a particularly serious case of fraud and property appropriation, with sophisticated and professional criminal methods, taking place mainly in cyberspace, making it very difficult to detect and control.

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Leaders of Hanoi City Police Department awarded letters of commendation to units. Photo: Hanoi City Police Department

“With intelligence, creativity, and determination to fight crime, officers and soldiers of the Criminal Police Department, the Technical Department - Hanoi City Police, and Cau Giay District Police have synchronously deployed professional measures to detect, arrest, and coordinate with the Cau Giay District People's Procuracy to handle the ringleaders and related subjects in the case,” the Secretary of the Hanoi Party Committee emphasized.

As a result, the authorities have so far initiated criminal proceedings against 26 defendants for the crimes of “Fraudulent appropriation of property, Money laundering, Failure to report crimes”, and have temporarily seized many assets, objects, and documents related to criminal activities. The total value of confiscated and frozen assets of the subjects is nearly 5,100 billion VND.

According to the Secretary of the Hanoi Party Committee, this is an outstanding achievement of officers and soldiers of professional units of the Hanoi Police and the People's Procuracy of Cau Giay District in the fight against and prevention of crime. This achievement contributes to deterring and preventing crime, stabilizing the security and order situation in Hanoi.

Previously, at the end of October 2024, the Hanoi City Police Investigation Agency coordinated with Cau Giay District Police and other professional units to dismantle a fraud ring that appropriated assets on the internet, occurring in Hanoi and several provinces and cities across the country.

Initial investigation results determined that Pho Duc Nam colluded with Le Khac Ngo to set up a fraud ring to appropriate assets, following the model of stock brokerage companies.

During an urgent search of the defendants' residences and workplaces, the investigation agency seized and froze the subjects' assets worth a total of more than 5,000 billion VND.

This includes 127 billion VND in cash, savings books of about 306 billion VND, 216 kg of gold, 128 real estates, 30 cars of various types, 9 billion VND in frozen bonds and many other valuable assets.

Close-up of the huge amount of assets and gold in the case of Tiktoker Mr Pips Pho Duc Nam's fraud

Close-up of the huge amount of assets and gold in the case of Tiktoker Mr Pips Pho Duc Nam's fraud

Investigating the transnational fraud ring of Tiktoker Mr Pips Pho Duc Nam and his accomplices, Hanoi City Police seized and froze assets estimated at more than 5,000 billion VND.