The “diamond entrepreneur” arrested for money laundering

Nguyen Quang Truong (born 1993), residing on Hang Mam Street, Hoan Kiem District, Hanoi, also known online as Quang Truong Diamond or Quang Truong Jewelry, was recently taken into custody by Thanh Hoa Provincial Police on charges of money laundering.

On social media, Truong portrayed himself as a young entrepreneur in the luxury diamond and jewelry trade. He boasted a collection of high-end vehicles including a Lamborghini Urus valued at over $830,000, a Mercedes S450 Luxury, a Porsche Panamera Executive, and luxury watches from brands like Patek Philippe, Richard Mille, and Rolex.

According to the investigation, Truong was part of a transnational fraud and money laundering ring led by Nguyen Thanh Tung (born 1989, Thanh Hoa). The group established shell companies in Cambodia to conceal illegal activities. Since 2023, the ring has scammed thousands of victims across Vietnam, embezzling several trillion Vietnamese dong (hundreds of millions of US dollars).

The rise and fall of TikToker “Cun Bong”

Vu Hong Phuc (real name Vu Nam Phuong, born 1986), better known as “Cun Bong,” rose to online fame as the so-called “Hermes queen,” owning a collection of designer handbags worth tens of millions of dollars. She once revealed that she spent $170,000 to $210,000 on a single handbag.

“Cun Bong” regularly showcased her extravagant lifestyle, including luxury homes, high-end cars, and branded goods. She also ran a cosmetics and supplement business on social media, attracting hundreds of thousands of followers.

However, on June 23, 2025, Hanoi's Economic Police Department (PC03) announced that it had initiated criminal proceedings against Vu Nam Phuong (aka Vu Hong Phuc “Cun Bong”), her husband Nguyen Nam Thang, and their accountant Chu Thi My Nhung. All three were charged with serious violations of accounting regulations under Article 221, Clause 3 of the Penal Code.

The fall from grace shocked many, as her image as a wealthy, happy mother of seven was once a source of admiration for countless followers.

“Mr. Pips”: a polished front hiding elaborate fraud

In December 2024, authorities indicted Pho Duc Nam (30, Ba Ria - Vung Tau), Le Khac Ngo (34, Hanoi), and 24 others on charges of fraud, failure to report crimes, and money laundering.

Nam, known by the nickname “Mr. Pips,” and his accomplices created fake investment firms that masqueraded as international stock trading platforms. They lured victims by promoting stocks from giants like Facebook and Apple. On social media, Nam frequently appeared beside luxury cars, flaunted mansions, and wore designer watches, presenting himself as a multimillionaire entrepreneur.

Upon arrest, police seized a massive cache of assets: $13.1 million in bank accounts, $8.3 million in savings, 246 kilograms of solid gold, 31 luxury cars, 59 high-end watches worth approximately $12.6 million, and 125 real estate properties, all of which have been frozen.

Supercar tycoon Phan Cong Khanh brought down

Phan Cong Khanh (born 1994, Ben Tre, residing in Ho Chi Minh City) was a familiar face in Vietnam’s supercar scene, on par with famous names like Cuong Do La and Minh Nhua. He earned a reputation as a top-tier exotic car dealer, importing rare Ferraris, Rolls-Royces, Lamborghinis, and Porsches into the country.

Khanh claimed to have started from humble beginnings, initially trading used motorbikes before breaking into the supercar market. He frequently took to social media to showcase his luxury car fleet and publish motivational content on entrepreneurship for young people.

However, in July 2023, Khanh was detained for investigation on suspicion of “abuse of trust to appropriate property.” By July 2025, the Ho Chi Minh City People’s Procuracy completed its indictment against Phan Cong Khanh (aka “Khanh Super”) and his accomplices for fraudulent appropriation of assets.

Y Nhuy