Shark Binh Faces Money Laundering Charges via Ngan Luong Wallet in Mr Pips Fraud Case Involving 1.300 Trillion Dong

The investigation agency has just completed the conclusion of the case involving Phó Đức Nam (Mr. Pips), recommending the prosecution of Mr. Nguyễn Hòa Bình (Shark Bình) and several employees for money laundering. The case related to Mr. Pips is considered the largest scam ring in Vietnam’s foreign exchange and securities sectors, with 738 fraud cases and over 1,300 billion VND embezzled.

Shark Bình and his role in Ngân lượng Company

Mr. Nguyễn Hòa Bình is the Chairman of the Board of Directors of Ngân lượng Joint Stock Company, headquartered at VTC Building, 18 Tam Trinh, Hai Bà Trưng, Hanoi. The investigation concluded that Mr. Bình directed the company’s overall activities, issued regulations on intermediary payment service fees, and assigned the management of the electronic trading department to General Director Đinh Hồng Quân from June 2019.

Employee Trần Thị Thanh Tâm was responsible for customer acquisition, while the customer service department directly managed by Tâm supported Phó Đức Nam’s trading platforms.

Money laundering activities

The investigation report states that from June 2020, Ngân lượng Company began receiving official documents from the police verifying transactions of deposits into wallets of forex platforms operated by Mr. Pips.

Despite knowing these platforms were operating illegally, Shark Bình instructed employees to:

• Not provide the real wallet information of the platforms but create fake data from another Ngân lượng wallet to respond to investigators.
• Agree with platform employees on how to falsify deposit and withdrawal data to legitimize reports to the police.
• Transfer this fake information to Phó Đức Nam to continue operating the Ngân lượng wallet, allowing the company to profit from transaction fees.

According to the investigation, a total of 150 victims transferred more than 213 billion VND into Ngân lượng wallets.

Conclusion

The investigation agency determined that Nguyễn Hòa Bình, Nguyễn Thị Nam, and Trần Thị Thanh Tâm were aware that Phó Đức Nam’s platforms were illegal but still directed employees to continue operations and falsify data to benefit from transaction fees. The collected evidence is sufficient to prosecute this group for money laundering.