On November 17th, Vietnam’s Ministry of Public Security announced that the Investigative Police Agency has concluded its investigation into a case involving Egroup, Egame, Nhat Tran, and several related entities.
The investigative agency has proposed prosecuting 29 defendants on three charges: Fraudulent Appropriation of Property, Bribery, and Receiving Bribes.
Defendant Nguyen Ngoc Thuy, also known as Shark Thuy.
Previously, on March 21, 2024, the Investigative Police Agency of the Ministry of Public Security had initiated legal proceedings and detained Nguyen Ngoc Thuy, Chairman of the Board and CEO of Egroup Corporation, for investigation on charges of Fraudulent Appropriation of Property.
By December 5, 2024, the investigative agency further supplemented the indictment against Mr. Thuy with the charge of Bribery.
The investigation revealed that from 2015 to 2023, Mr. Thuy and his accomplices engaged in the sale of fictitious Egroup Corporation shares to defraud and appropriate assets. The victims in this case are identified as investors holding shares of Egroup Corporation at the time of the case’s initiation.
Nguyen Ngoc Thuy, known as Shark Thuy, was a prominent guest on the Vietnamese version of Shark Tank in 2018 and 2019.
Born on April 17, 1982, in Hanoi, Mr. Thuy began his entrepreneurial journey at the age of 17 by co-founding a university exam preparation center with his teacher. He later ventured into various business projects, ultimately deciding to forgo his studies at the University of Mining and Geology.
In 2008, he established Egame, the precursor to the now 14-year-old Egroup Corporation. Subsequently, he developed the Egroup “education ecosystem,” comprising subsidiary companies focused on education, health, and information.
During this period, Mr. Thuy achieved success with several educational projects, most notably the Apax English and Apax Leaders language chains.
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