Vietnamese prosecutors will investigate several payment intermediaries, including 9Pay, as part of the Mr Pips fraud case.
It is said to be one of the country’s largest online investment scams.
Prosecutors outlined the move at the trial in Hanoi this week, as covered by Znews.
On 4 November, a representative of the Hanoi People’s Procuracy told the court that investigators could not fully examine some matters within the time limits.
Instead, they will take them up in a second phase.
This phase will look at the activities of payment intermediaries 9Pay, BigPay, ApotaPay, CPay and HTP.
It will also cover more than 1,400 other people in the network, to determine their roles and responsibilities.
Authorities have not charged any of the five payment firms in the case.
Inside the US$61 Million Scheme
Prosecutors accuse 188 defendants of defrauding investors of nearly VND 1.6 trillion (about US$61 million) through fake stock and forex trading platforms.
They name Phó Đức Nam, a TikToker known as Mr Pips, as one of the ringleaders, alongside Lê Khắc Ngọ, known as Mr Hunter.
Prosecutors told the court the group pre-programmed the platforms, which never placed real trades on global markets.
In closing arguments carried by CafeF, they recommended life sentences for both men.
Questions Over the Payment Trail
During questioning on 31 October, Nam testified that the platforms collected investors’ money mainly through payment gateways Ngân Lượng and 9Pay, along with other providers.
He questioned why the court was trying only one payment company owner.
That owner is Nguyễn Hòa Bình, known as Shark Bình, whose company operates Ngân Lượng.
Prosecutors accuse him of helping launder VND 319 billion (about US$12 million) for the network and have recommended a sentence of nine to ten years.
Nam’s lawyer, Lê Thị Hồng Vân, went further.
She told the court that investigators may have missed offences and asked it to prosecute representatives of 9Pay and ApotaPay, VnExpress wrote in its trial coverage.
The court summoned the other payment companies, but they asked to be excused from attending, legal newspaper Công Lý found. 9Pay has not publicly commented on the testimony.
Prosecutors Push for Stricter Checks
The procuracy also recommended that the State Bank of Vietnam step up checks on how banks and licensed payment intermediaries comply with anti-money laundering rules.
It also urged the central bank to tighten electronic customer verification (eKYC) for online account opening.
Prosecutors called for systems that can quickly detect suspicious accounts.
These include accounts that receive money from many sources, transact at high frequency or move funds rapidly through multiple accounts.
Featured image: Edited by Fintech News Vietnam based on an image by Kindel Media via Pexels.
