Fugitive Behind Vietnam’s Largest Forex and Stock Scam “Mr. Hunter” Arrested in Philippines: Report

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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and stock fraud, local media publication VNExpress International reported. Ngo, along with several accomplices, will be extradited to Vietnam to face prosecution.

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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.

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.

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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.

Lifestyle as a Tool of Deception

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 Nam and 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.

Rising fraud cases, particularly on social media, have put Vietnamese authorities on high alert. Earlier this year, the Southeast Asian nation announced plans to block access to Telegram after the platform reportedly failed to cooperate with authorities on crimes carried out through its services.

Local media outlets reported that the Telecom Department, part of the Ministry of Science and Technology, issued a directive ordering telecommunications providers to block Telegram. The companies were instructed to submit their implementation plans and report their results to the ministry by June.