In a significant development, law enforcement officials have seized hundreds of gold bars worth more than 222 billion VND from the residence of Nguyen Thanh Tam, the girlfriend of Phó Đức Nam, commonly referred to as Mr Pips. This operation is part of an ongoing investigation into a large-scale fraud case involving Phó Đức Nam and 186 other defendants.

The Hanoi People's Procuracy has recently issued an indictment against Phó Đức Nam, aged 32, and Lê Khắc Ngọ, aged 36, also known as Mr Hunter. They are among those charged with crimes including fraud, money laundering, tax evasion, and possession of property obtained through criminal means. In this case, Nguyen Thanh Tam has also been indicted for money laundering.

During the search of her home, investigators discovered a substantial quantity of gold, including a unique gold piece shaped like a cat, weighing over 5.9 kg, valued at approximately 13 billion VND. The total amount of gold seized was determined to be worth over 222 billion VND as of October 30, 2024. Among the confiscated items were 30 gold bars with a purity of 99.99%, each weighing nearly 1 kg, valued at 70.7 billion VND.

Additionally, law enforcement seized 60 luxury watches and dozens of high-end handbags. The investigation revealed that 28 of these bags were gifted to Tam by Phó Đức Nam and friends, featuring prestigious brands such as Hermès, Chanel, and Louis Vuitton. The remaining bags were reportedly purchased by Tam herself.

Furthermore, 44.8 billion VND in cash and over 1.72 million USD in various foreign currencies were found at Tam's residence. The investigation has confirmed that Phó Đức Nam is the rightful owner of these funds, which also included currencies from Singapore, Malaysia, and Cambodia.

This case highlights the ongoing issues of financial crime and the complexities involved in tracing illicit assets. As the investigation progresses, more details are expected to emerge regarding the extent of the operations led by Phó Đức Nam and his associates.