Electronic wallet Ngân Lượng of Shark Bình laundered more than 213 billion VND for the Mr Pips scam

The way home is getting further away 😅

🔍 According to the investigation conclusion just released today, Hanoi City Police determined that Phó Đức Nam (Mr Pips) used the electronic wallet system Ngân Lượng as a payment intermediary, funneling money into a series of unlicensed Forex platforms in Vietnam.

A total of 150 victims transferred more than 213 billion VND through this system in just about 2 years.

💰 Shark Bình, also known as Nguyễn Hòa Bình, is the Chairman of the Board of Directors of Ngân Lượng Joint Stock Company.

According to allegations, Mr. Bình played a general directing role and decided on the fee policy. The fee applied is 2.5% for each deposit transaction and 1% for each withdrawal transaction.

⚠️ It is noteworthy that since mid-2020, when the police began sending verification documents for transactions, Mr. Bình was accused of instructing subordinates not to provide true information.

Instead, employees were asked to use data from other wallets to replace, while modifying transaction figures so that the amount withdrawn was equal to or less than the amount deposited, in order to legitimize the records sent to the authorities.

📌 This is just a part of the Mr Pips case, the largest Forex and securities investment fraud ring in Vietnam with total assets seized amounting to about 5.3 trillion VND.

Previously, Shark Bình had been prosecuted for 3 other charges including Fraudulent appropriation of property, Violating accounting regulations, and Tax evasion. Now adding the charge of Money laundering.