CaliToday (09/10/2025): HANOI – In a significant development in a high-profile financial case, the Hanoi Police Department has seized a massive quantity of gold linked to an ongoing investigation into a figure known as "Mr Pips." The haul includes 890 SJC-branded gold bars and an additional 246 kilograms of raw gold bullion, marking one of the largest asset seizures of its kind in the city's recent history.
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| Large amount of gold seized in Mr. Pips case |
The seizure was announced as part of an expanding probe into alleged illicit activities connected to the central figure, "Mr Pips." While authorities have remained tight-lipped about the specific nature of the case, the scale of the confiscated assets suggests a large-scale financial operation.
The confiscated items consist of two distinct forms of gold, highlighting the significant value involved:
890 SJC Gold Bars: SJC (Saigon Jewelry Company) is Vietnam's state-recognized and most trusted gold brand. Each bar is typically one tael (approximately 37.5 grams or 1.2 troy ounces), making this portion of the seizure total approximately 33.4 kilograms. SJC gold is highly liquid and often used as a primary store of value in Vietnam.
246 Kilograms of Raw Gold: This substantial quantity of unbranded, raw gold bullion points to a sophisticated level of asset accumulation, potentially intended to obscure its origins.
Combined, the total weight of the seized gold is approximately 279.4 kilograms (over 616 pounds). At current international market prices, the value of the seizure is estimated to be in the tens of millions of U.S. dollars.
A spokesperson for the Hanoi Police confirmed the seizure but declined to provide further details on the identity of "Mr Pips" or the specific crimes being investigated, citing the sensitivity of the active case.
"This is a crucial development in the 'Mr Pips' case," a source familiar with the investigation stated. "The seizure of such a substantial amount of precious metals is a testament to the scale of the operation we are looking into. Our efforts are now focused on tracing the origin of this gold and its role in the alleged criminal enterprise."
The investigation is reportedly being expanded, with authorities now looking into potential accomplices and the wider network connected to "Mr Pips." Financial analysts suggest that holding such a large, untraceable quantity of raw gold is often associated with money laundering, illegal trading, or other major financial crimes.
This major development underscores the commitment of Vietnamese authorities to cracking down on sophisticated financial crime. The case continues to unfold, with further details expected to be released as the investigation progresses.
