Hanoi court opens trial of 188 in $160 million investment fraud case

The Hanoi People's Court opened the trial on October 26 in what authorities describe as one of Vietnam's largest investment fraud cases. The defendants face charges related to operating fake online trading platforms that prosecutors say defrauded more than 900 investors of approximately 1.56 trillion VND ($160.4 million).

According to court documents, the scheme involved Pho Duc Nam, a prominent figure known as Mr Pips in investment circles, who allegedly coordinated the operation of multiple fraudulent platforms. Investigators determined that victims transferred substantial sums believing they were making legitimate investments, only to discover the platforms and promised returns were entirely fabricated.

Given the scale of the case and number of defendants, the trial is being conducted through a hybrid arrangement with proceedings taking place at three separate locations simultaneously. This approach allows the court to manage the complex proceedings involving numerous co-defendants and evidence while ensuring all parties can participate effectively.

The case underscores growing concerns about online investment fraud in Vietnam, where authorities have intensified efforts to prosecute large-scale schemes targeting retail investors. Prosecutors have recommended charges against all 188 defendants, with the trial expected to continue over an extended period as the court examines evidence and hears testimony from complainants and witnesses.