Victims testified on the afternoon of October 27, 2026 at the trial of Pho Duc Nam (Mr Pips), Nguyen Hoa Binh (Shark Binh) and 186 other defendants, where the panel began examining how investors were drawn into trading platforms run by the Mr Pips network1.
Nguyen Van Trien told the court he was approached around November 2021 by a man named Cuong who invited him to invest in derivative securities, and made a first deposit of 2.000 USD to test the investment1. He said early trades showed profits, he was moved to a VIP account with one-on-one support, and then his positions began losing steadily. He said he lost more than 5 tỉ đồng, of which more than 4 tỉ đồng was recorded by investigators as deposited through the Ngan Luong wallet system1.
"Cứ 23h, 0h, Cơ lại thúc giục tôi nạp thêm tiền để tài khoản không bị cháy. Tôi đành phải vay mượn ngân hàng, người thân để nạp thêm"
A second victim, Vo Van Hien, said Zalo accounts contacted him around 2021 offering international stock investment, and that he deposited more than 1,3 tỉ đồng in total across trading platforms without receiving any profit before his account was wiped out1. The article also reports another victim, Nguyen Thi Mo, who said she lost more than 9 tỉ đồng1.
Prosecutors allege the Mr Pips group used large numbers of consultants to approach customers by phone and social media, promoting foreign exchange and international securities platforms as highly profitable1. According to the indictment, between June 2020 and September 2022, 232 victims transferred nearly 320 tỉ đồng into Ngan Luong wallets connected to the Mr Pips system1. The money was moved through bank accounts held by Ngan Luong Company before being deposited into forex platforms run by Pho Duc Nam, prosecutors say1.
| Item | Figure |
|---|---|
| Period covered | June 2020 to September 20221 |
| Victims who transferred into Ngan Luong wallets | 2321 |
| Total transferred | nearly 320 tỉ đồng1 |
| Nguyen Van Trien's loss | more than 5 tỉ đồng, over 4 tỉ via Ngan Luong1 |
| Vo Van Hien's deposits | more than 1,3 tỉ đồng1 |
Ngan Luong is an intermediary payment gateway in the NextTech ecosystem founded by Nguyen Hoa Binh1. Prosecutors allege that from mid-2020 Ngan Luong repeatedly received documents from police asking it to verify e-wallets tied to the Mr Pips network, and that Binh, knowing the forex platforms showed signs of illegal activity, directed staff to keep the payment system running to continue collecting fees1. He is also accused of directing employees to work with Pho Duc Nam's side to create deposit and withdrawal data for a different wallet instead of providing actual transaction information to investigators, in order to conceal the real payment wallets1. Nguyen Hoa Binh and two subordinates are prosecuted for money laundering, with Binh accused of laundering nearly 320 tỉ đồng1.
What it means for players
The testimony describes a pattern in which deposits were routed through a domestic payment gateway rather than sent directly to an offshore broker, which is why victims could recall their Ngan Luong top-up codes years later1. For anyone in Vietnam sending money to an online trading or betting platform, the case shows that a local payment intermediary handling the transfer does not by itself confirm the destination is legitimate. Prosecutors say police had been asking Ngan Luong to verify wallets linked to the network from mid-2020, while deposits continued into September 20221. Victims in this case are asking the court to order those involved to return the money they lost, with some also seeking interest on loans taken to invest and compensation for mental distress1. Recovery of funds in such cases has not been reported.
What happens next
The trial continues with the questioning phase before the panel1. No date has been reported for a verdict or for rulings on the victims' claims for repayment, interest and compensation1.
