Additional $3.9 Million in Assets Seized in Vietnam’s Largest Stock Fraud

These include a Mercedes G63, VND 12 billion in bank accounts and 18 properties, investigators said.

They also discovered $500,000 in overseas accounts linked to the case and are working to seize it.

Gold seized in alleged fraud of Pho Duc Nam, also known as Mr. Beeps. Photo courtesy of Hanoi Police

So far, they have seized VND 5.3 trillion (US$208 million) in organized crime-related assets Mr. Pipsreal name Pho Duc Nam.

Earlier this month, Nam and 30 accomplices were charged with embezzlement and money laundering, among other crimes. Many of them, including Nam, were arrested in October.

The suspects allegedly defrauded more than 2,660 victims by setting up a fraudulent stock trading platform that did not facilitate actual trading and only served to transfer money to their accounts.

They operated 44 offices nationwide and employed 1,000 employees, none of whom were licensed.

Nam was active on social media and often used photos and videos of luxury cars and villas to attract potential victims.

Among the assets seized by the police are more than 30 luxury cars, including Porsches, Jaguars and Lamborghinis, and 246 kilograms of gold.