Authorities in Hanoi say the parents of alleged scam mastermind Pho Duc Nam withdrew hundreds of billions of dong and converted part of it into gold after learning of their son’s arrest.
Nam, 32, is accused of running one of Vietnam’s largest financial fraud networks, involving forex and stock trading scams worth over 1.3 trillion VND.
Massive Cash Withdrawal and Gold Purchases
According to investigators from Hanoi Police Investigation Agency, Nam’s parents feared their assets would be seized.
The amount of gold seized in the case. Photo: Provided by the police.
They allegedly:
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Withdrew over 145 billion VND from bank accounts
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Purchased 500,000 USD and 314 taels of SJC gold
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Stored the money and gold with relatives
The assets were hidden in various forms, including:
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Cash sent to family members
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Gold stored in a suitcase
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Savings accounts opened under another person’s name
Authorities have since frozen and seized the entire amount.
Attempt to Launder Money Through Property
Investigators say Nam had already been laundering money since 2021 by:
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Setting up companies under other people’s names
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Buying real estate in Ho Chi Minh City and nearby areas
Among the most notable assets were luxury apartments in Hanoi worth about 266 billion VND.
Nam’s girlfriend and parents are now also facing money laundering allegations.
Plan to Fake Mental Illness?
The case took another turn when Nam’s father allegedly tried to arrange a psychiatric evaluation for his son.
He reportedly:
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Paid intermediaries around 100,000 USD to “handle connections”
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Was later defrauded himself, with part of the money misused
Authorities say this was an attempt to mitigate legal consequences for Nam.
One of Vietnam’s Largest Scam Networks
Investigators believe Nam orchestrated:
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738 fraud cases
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Total losses exceeding 1.3 trillion VND
The scheme involved:
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Fake trading platforms linked to MT4 and MT5 apps
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Employees posing as financial advisors
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Victims unknowingly trading against the platform itself
In reality, users were not connected to global markets—they were betting directly against the scammers, who profited from their losses.
Expanding Criminal Investigation
The case now involves more than 70 suspects, including relatives and associates accused of:
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Fraud
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Money laundering
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Handling illegal assets
Authorities describe the operation as one of the most sophisticated financial scams ever uncovered in Vietnam, with many victims deceived by the suspect’s display of wealth and success.