Shark Thuy Case: Investigation Reopened for Alleged Multi-Billion Dong Fraud

The investigation into a major fraud case involving prominent Vietnamese investor Nguyen Ngoc Thuy, widely known as 'Shark Thuy,' has been reopened for supplementary investigation due to insufficient evidence. The Supreme People's Procuracy has returned the case file to the Ministry of Public Security's investigating agency (C03). The supplementary investigation period is set for no more than two months from July 27. The case, which encompasses charges of 'Fraud to appropriate property,' 'Bribery,' and 'Receiving bribes,' occurred at Egroup Joint Stock Corporation and related entities. In December 2025, the Supreme People's Procuracy had indicted Thuy to the Hanoi People's Court for 'Fraud to appropriate property' and 'Bribery.' Several other defendants, including the financial director of Egroup, face charges of 'Receiving bribes' and 'Fraud to appropriate property.' According to the indictment, Egroup operated as an ecosystem with 20 subsidiaries, centralizing fundraising, coordination, and investment. However, the operational model relied heavily on financial leverage, leading to instability. Thuy's primary asset was the 'Apax Leaders' English language education brand, which he leveraged to raise capital from investors for further educational ventures. Prior to 2019, Apax Leaders expanded rapidly across Vietnam, establishing 130 English centers and Steame schools and hiring numerous foreign teachers. Investigators allege that Thuy lacked substantial assets and financial capacity, employing image-boosting tactics to attract investors. The indictment states that from 2014, Thuy instructed his subordinates to inflate Egroup's registered capital and share count from 32 billion VND to 962.5 billion VND to repay debts, fund personal expenses, and sustain the Egroup ecosystem. Approximately 70% of annual revenue, totaling around 2.35 trillion VND, was allegedly fabricated. Thuy is accused of directing Dang Van Hien, head of shareholder relations, along with 23 Egame company managers and sales staff, to solicit clients, provide false information to build trust, and persuade them to purchase shares. Once investors were secured, Thuy, representing Egame, would transfer shares at 38,000 VND per share, promising to repurchase them a year later at 42,000 VND per share, thereby gaining full control of shareholder rights. Through these methods, from 2015 to 2023, Thuy allegedly inflated Egroup's capital and appropriated 7.677 trillion VND in principal from 10,063 victims. Seventy percent of the collected funds were used to repay principal and interest on earlier contracts to avoid detection, while the remaining 30% covered personal debts like bank loans and rent. Currently, Thuy has reportedly exhausted the 7.677 trillion VND and is unable to make further payments. The indictment identifies Nguyen Ngoc Thuy as the mastermind, orchestrator, and direct user of the appropriated funds, holding him primarily responsible. Separately, Tong Thi Kim Lien is accused of receiving over 20 billion VND from Thuy to create fictitious revenue for Egroup, exploiting her position and authority. She allegedly directed staff to draft and sign 12 economic contracts and issue false VAT invoices, thereby legitimizing over 2.327 trillion VND in revenue for Egroup. Source: Nhan Dan