On November 17, 2025, the Vietnam Ministry of Public Security’s portal announced that the Police Investigation Agency for Corruption, Economic, and Smuggling Crimes (Economic Police Department) is handling the investigation of the “Fraud, Bribery, and Receiving Bribes” case. This case involves Egroup Education Group Joint Stock Company (Egroup), Egame Investment and Distribution Joint Stock Company (Egame), Nhat Tran Trading and Service Joint Stock Company (Nhat Tran), and related entities. The case was initiated under Criminal Case Decision No. 25/QĐ-CSKT-P6 on March 21, 2024, and supplemented by Decision No. 2975/QĐ-CSKT-P6 on December 1, 2024.
On November 13, 2025, the Police Investigation Agency issued Investigation Conclusion No. 56/BKLĐT-CSKT-P6, proposing the prosecution of 29 defendants on three charges: Fraud to Appropriate Property, Giving Bribes, and Receiving Bribes. These charges fall under Articles 174, 364, and 354 of the 2015 Penal Code, amended in 2017.
On the same day, the agency issued Notice No. 22564/TB-CSKT-P6 to inform affected parties, organizations, and individuals—including victims, defendants, and legal representatives—of the conclusion of the criminal investigation.
Defendant Nguyen Ngoc Thuy (Shark Thuy)
As previously reported, on March 21, 2024, the Police Investigation Agency initiated a criminal case for “Fraud to Appropriate Property” involving Egroup Education Group and Egame Investment and Distribution. On March 22, 2024, arrest warrants were issued for:
Nguyen Ngoc Thuy – Chairwoman and CEO of Egroup and Egame;
Dang Van Hien – Head of Shareholder Relations at Egame, on charges of “Fraud to Appropriate Property” under Article 174, Clause 4, of the 2015 Penal Code, amended in 2017.
Following approval from the Supreme People’s Procuracy, the Police Investigation Agency executed these decisions and warrants on March 25, 2024, in compliance with the law.
The investigation revealed that from 2015 to 2023, Nguyen Ngoc Thuy and accomplices used Egame’s legal entity to deceive investors. They falsely claimed ownership of Egroup shares to raise capital through transactions such as cash and bank transfer payments, real estate exchanges, and loans secured by fictitious shares.
The Police Investigation Agency identified these investors as victims in the case.
On December 1, 2024, the agency expanded the investigation, issuing arrest and search warrants for four individuals:
Tong Thi Kim Lien – Chairwoman and CEO of Nhat Tran, charged with “Receiving Bribes” under Article 354, Clause 4.
Pham Thi Thanh Tho – Chief Accountant of Egroup, and Nguyen Thi Hoai Huong – Accountant at Egame, charged with “Fraud to Appropriate Property” under Article 174, Clause 4.
Nguyen Manh Phu – CFO of Egroup and Chief Accountant of Egame, charged with “Giving Bribes” under Article 364, Clause 4, and “Fraud to Appropriate Property” under Article 174, Clause 4.
Additionally, the agency identified 23 Egame business managers as accomplices to Nguyen Ngoc Thuy in the “Fraud to Appropriate Property” scheme. These individuals include:
(1) Nguyen Thi Dung (Thuy’s sister); (2) Nguyen Van Son (Thuy’s brother); (3) Nguyen Trong Vu (Dung’s husband); (4) Pham Thi Ngoan; (5) Vu Thi Dung; (6) Dinh Thi Phuong Theu; (7) Do Thi Hong Nhung; (8) Nguyen Trong Quynh; (9) Nguyen Thi Quynh; (10) Doan Thi Minh Duc; (11) Bui Kim Thuy; (12) Nguyen Quynh Chi; (13) Vu Thi Thu Hien; (14) Do Thi Khanh Huyen; (15) Doi Thi Tam; (16) Quach Minh Phuong; (17) Nguyen Huu Xuan; (18) Nguyen Khanh Toan; (19) Le Chi Dung; (20) Le Thanh Son; (21) Pham Duc Hanh; (22) Tran Thi Thanh Nga; and (23) Ha Van Tai.
On August 25, 2025, the agency issued arrest and search warrants for these 23 individuals, charging them with “Fraud to Appropriate Property” as accomplices under Article 174, Clause 4.
Four defendants—Nguyen Thi Dung, Vu Thi Dung, Bui Kim Thuy, and Tran Thi Thanh Nga—were placed under house arrest due to their clear residences, cooperation, and honest confessions. The remaining 19 were detained pending trial.
Following approval from the Supreme People’s Procuracy (Division 3), the agency executed the warrants in accordance with the law, ensuring safe detention and seizing relevant documents during searches.
