Parents of Mr. Pips Withdraw Funds to Buy Gold After Son's Arrest
The parents of Phó Đức Nam, known as Mr. Pips, have been accused of helping their son launder money after
The ongoing investigation into the Mr. Pips fraud case has uncovered significant details regarding Ngo Thi Theu, the ex-wife of Lê Khắc Ngọ, also known as Mr. Hunter. Theu is accused of being complicit in a large-scale fraud scheme led by Phó Đức Nam, known as Mr. Pips, which involved the embezzlement of over 1.5 trillion VND through forex trading platforms.
During a search of Theu's apartment, police seized a safe containing 143 gold bars, significant amounts of cash, and various financial documents. Theu, who hails from Hai Phong, is facing prosecution for her alleged role in the fraud. The investigation revealed that she and Ngọ were previously married but have since divorced, although the exact date of their separation remains unclear.
According to the investigation, in 2019, Ngọ collaborated with Nam to expand their fraudulent operations in Vietnam. Ngọ was tasked with managing 20 business offices, where he allegedly lured individuals into investing, ultimately leading to the loss of over 344 billion VND in 287 separate fraud cases. Theu is believed to have had knowledge of the fraudulent activities and played a role in facilitating them.
Notably, when authorities searched Theu's residence, they found not only the gold but also 18.3 billion VND and over 84,000 USD in cash. These funds were reportedly given to her by Ngọ for management and expenditure during their marriage. Additionally, the investigation identified two properties owned by Ngọ and four properties belonging to Theu in Hanoi and Hung Yen, along with numerous land use certificates.
The investigation also highlighted Ngọ's attempts to launder money through real estate purchases, including a property valued at over 7.1 billion VND. After their divorce, it was agreed that Theu would retain ownership of a shared apartment purchased during their marriage.
In a twist, Theu had previously fled to Thailand but was apprehended by Vietnamese authorities in coordination with INTERPOL. She was returned to Vietnam on August 15, 2025, where she was formally arrested by police.
