‘Mr Hunter’ Lê Khắc Ngọ Arrested in Philippines in $225 Billion-VND Fraud Case

Vietnamese authorities, in coordination with Philippine police, have arrested Lê Khắc Ngọ, known as “Mr Hunter,” a key suspect in a massive investment fraud case worth over 5,300 billion VND ($225 million USD). Ngọ is set to be extradited back to Vietnam, authorities confirmed on November 14.

The operation, led jointly by Ngọ and Phó Đức Nam (“Mr Pips”), targeted Vietnamese investors through a network of fake foreign exchange and stock trading platforms. Launched in 2021, these websites were designed in English and presented as reputable international trading platforms, but were in fact controlled by the suspects with bank accounts managed by Nam’s team.

Investigators say the scheme exploited social media and phone-based sales teams, promising high returns with zero risk. Early small “wins” were used to build trust before victims were manipulated into transferring significant funds. Authorities expect to charge around 550 sales agents involved in promoting the scam.

So far, law enforcement has recovered over 5,315 billion VND in assets and received 669 complaints, with 601 victims reporting losses totaling more than 1,187 billion VND ($50 million USD).

Ngô Thị Thêu, Ngọ’s wife, had been previously arrested in Thailand and extradited to Vietnam. The case is considered Vietnam’s largest fraud in the foreign exchange and stock sector, with many victims drawn in by the suspects’ ostentatious lifestyle and promises of rapid wealth accumulation.

Authorities caution investors to remain vigilant against high-return schemes and online trading platforms promising risk-free profits.