On December 11, Tan Phu District Police, Ho Chi Minh City, issued a notice warning people about the dangers when participating in online investment activities, after TikToker Mr Pips Pho Duc Nam defrauded 5,200 billion VND.

According to the police, the online fraud and property appropriation ring involving Pho Duc Nam (also known as TikToker Mr Pips, born in 1994, residing in Ba Ria - Vung Tau province) that was recently busted by the Hanoi City Police was of an exceptionally large scale, with the total value of money and seized evidence being approximately more than VND5,200 billion. Initially, the authorities determined that since 2019, the subjects had established a fraud and property appropriation ring following the model of securities brokerage companies.

To commit the fraud and appropriation of assets, the subjects provided false information related to the stock investment floors. Initially, the group used tricks to lure customers to trade many times with low amounts of money, gain profits and withdraw money, then promote increasing trading capital, until the customers no longer have financial capacity, the subjects intervened in the system to appropriate all the money that the customers had transferred.

To protect their assets, Tan Phu District Police advise people to be careful when accepting high-profit investment offers, which are all signs of fraud. Specifically, scammers often promise huge profits in a short period of time without any basis to prove the feasibility of the investments. People need to be alert and remember that no investment is without risk, especially when the profits are so attractive.

Tan Phu District Police said that fraudulent trading floors often do not have clear operating licenses, promise profits that are too high, and require continuous deposits. Once people have lost money, the scammers will continue to convince you to deposit more money to "recover", thereby losing more assets.

Therefore, the police advise people to absolutely not believe in investment invitations with huge profits from unknown exchanges, and not to share financial information or personal information with anyone. In case you or your relatives participate in these exchanges and encounter signs of fraud, please contact Tan Phu District Police for support.