Vietnamese fugitive Le Khac Ngo, 34, known as “Mr. Hunter,” has been arrested in the Philippines in connection with what is reportedly the country’s largest-ever forex and stock fraud, local media publication VNExpress International reported. Ngo, along with several accomplices, will be extradited to Vietnam to face prosecution, according to Hanoi police.

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Lieutenant General Nguyen Thanh Tung, Director of the Hanoi Police Department, confirmed the arrest and said authorities are working with relevant agencies to finalize extradition procedures.

The move reportedly followed the earlier capture of Ngo’s wife, Ngo Thi Theu, in July through a joint Interpol operation. Hanoi police described the case as “the biggest foreign currency and stock fraud in Vietnam ever.”

A Sophisticated Scheme

Investigators revealed that Ngo orchestrated the fraud alongside Pho Duc Nam, known as “Mr. Pips,” and a Turkish national who coordinated operations from Cambodia.

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Starting in 2021, the trio reportedly established front companies which eventually operated 44 offices across Vietnam and employed around 1,000 unlicensed staff.

The fraud relied on fake English-language trading websites linked to the perpetrators’ bank accounts, where victims were lured with small, successful trades, building trust before being persuaded to invest larger sums.

Pho Duc Nam

When losses inevitably occurred, victims were directed to second platforms to recover funds, compounding their losses. Investigators say over 2,660 people were defrauded, with reported complaints amounting to more than VND1.187 trillion.

Lifestyle as a Tool of Deception

Authorities noted that the perpetrators’ flashy lifestyle played a key role in attracting victims. Nam aggressively showcased luxury cars and villas on social media, using his English skills and technical knowledge to appeal to international investors.

Police have reportedly confiscated assets connected to the scam worth VND5.3 trillion, including high-end properties and vehicles. They also plan to investigate approximately 550 sales employees who worked for the network.

Last year, Hanoi City Police released details about the forex and securities fraud case linked to Duc Nam and Khac Ngo, shedding light on how the group operated one of Vietnam’s largest investment scams through fake international trading platforms.

According to investigators, Nam and Ngo began building the operation in 2021 with support from a Turkish national who coordinated activities from Morgan Tower in Phnom Penh, Cambodia.

Expect ongoing updates as this story evolves.

Source: Finance Magnates