The parents of Phó Đức Nam, also known as Mr. Pips, have come under scrutiny for their alleged involvement in laundering money after their son was arrested for fraud. Following his apprehension, they reportedly withdrew 145 billion VND to buy 374 gold bars, as part of an effort to conceal illicit funds.

According to the investigation, Phó Đức Nam is accused of committing 920 fraud cases, amassing over 1.568 trillion VND through illegal activities, primarily involving Forex trading. He faces charges of fraud and money laundering, with his parents, Phó Đức Thắng and Lê Thị Liễu, also being implicated in the money laundering scheme.

The investigation revealed that Nam had instructed his girlfriend, Nguyễn Thanh Tâm, to contact his father to help establish a company that would facilitate the laundering of funds obtained through fraudulent means. They allegedly created two companies, South Wealth Real Estate and Tech Invest, to purchase a total of 32 properties across various cities in Vietnam, including Ho Chi Minh City, Hanoi, and Da Nang, with a total expenditure of approximately 373.8 billion VND.

In December 2021 and March 2022, Nam purchased two apartments in The Grand Hanoi, paying over 47.4 billion VND and later directing his parents to secure loans to cover these expenses. The investigation noted that Nam had utilized over 146.8 billion VND from his fraudulent activities to finance these transactions.

After Nam's arrest, his parents took drastic measures to hide their assets. They withdrew significant sums from their bank accounts, purchasing gold and US dollars, which they then transferred to relatives and acquaintances to avoid detection. Specifically, Thắng withdrew 35 billion VND from Techcombank and purchased gold and USD, while Liễu liquidated her savings accounts to buy 500,000 USD and 314 gold bars.

The authorities have since seized these assets as part of the ongoing investigation into the fraudulent activities of Phó Đức Nam and his accomplices, highlighting the extensive network involved in the laundering of illicit funds.