Authorities have just issued a decision to prosecute the case and prosecute Pho Duc Nam (30 years old, residing in Ba Ria - Vung Tau), Le Khac Ngo (34 years old, residing in Hanoi) and 24 others for the crimes of "fraudulent appropriation of property", "failure to report a crime" and "money laundering".

Pho Duc Nam (TikToker Mr Pips) is famous on social networks with clips teaching international stock investment, making money, playing forex, along with clips showing huge profits and a luxurious life full of gold, silver, cars...

Initial conclusions show that Pho Duc Nam colluded with Le Khac Ngo to set up a fraud ring to appropriate assets, following the model of securities brokerage companies, hiding under the name of companies and websites operating in the fields of telemarketing (telemarketing), financial investment consulting, and securities brokerage with many international stock codes such as: Facebook, Apple...

Nam and his accomplices lured customers into private chat groups and invited them to join exchanges, advised them to place large orders, and used borrowed money to quickly burn their accounts, in order to continue to appropriate the victims' assets...

The investigation agency searched, seized and frozen the subjects' assets with a total value of more than 5,000 billion VND.

Before being prosecuted, TikToker Mr Pips was famous on social media with each clip having hundreds of thousands or even millions of views. He livestreamed his analysis, comments, and predictions about gold prices, cryptocurrencies, etc.

Nam always advises to invest a lot of money to win a lot of money, with money you can buy happiness and live a happy life. This TikToker also shows off his huge assets and 10 years of undefeated experience in the international gold and stock investment market.

Nam also has private chat groups on Telegram and often boasts of big profits and entices members to participate in the form of copytrade (investing by copying positions opened and managed by Nam himself).

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TikToker Pho Duc Nam (Mr Pips) was prosecuted for fraud. Screenshot

Investment scams and tricks are rampant.

In recent years, the situation of luring and enticing people with money to invest in gold and international stocks has been very common. Many people receive several calls every day from employees introduced from famous securities companies inviting them to chat groups to advise on international stock investment. Many people have been scammed of huge sums of money when participating in trading floors, but then cannot withdraw their money.

On social networks and many forums, there are also countless advertisements inviting people to participate in super-profitable gold, cryptocurrency, international stock investment floors. These subjects also advise on copy trading to help people with money but no financial knowledge, no need to research, just deposit money into their accounts and make huge profits.

The scammers created fake zalo accounts, using artificial intelligence (AI) technology to fake the images of some famous people in the financial and securities fields such as Mr. Nguyen Duy Hung, Chairman of SSI Securities, or billionaire Tran Dinh Long...

In August, SSI Securities Corporation issued a warning to investors about a scam involving impersonating Mr. Nguyen Duy Hung to conduct livestreams to provide comments and investment advice.

Accordingly, from the Zalo platform, the subject directed investors to a closed group on the Telegram platform. Here, the subject used AI technology to create fake images and videos of Mr. Nguyen Duy Hung consulting on stock investment to lure investors into a trap.

Not only SSI, many other securities companies such as MBS, VNDirect or investment funds also continuously warn about this situation.

Hoa Phat Group (HPG) and Vingroup (VIC) also continuously announced that they were being impersonated, advising investors to be careful when making transactions on the internet.

Accordingly, the subjects forged the "fresh signature, red seal" of billionaire Tran Dinh Long, created a website similar to the Vingroup ecosystem of billionaire Pham Nhat Vuong, or set up a film studio, TV channel... with the lure of high interest rates and big benefits to scam people.

Cryptocurrency or "virtual money" is not yet legally recognized in Vietnam, said the brokerage director of a securities company. The State Bank has not yet licensed any forex floors to operate.

After billionaire Tran Dinh Long, SSI Chairman Nguyen Duy Hung was impersonated by AI. The scammer created a fake zalo account, using artificial intelligence (AI) technology to impersonate the image of Mr. Nguyen Duy Hung, Chairman of SSI Securities Corporation.