Shark Nguyen Ngoc Thuy – Chairman of Egroup Corporation
From Education Tycoon to Fraud Suspect: The Fall of a Vietnamese Shark
As Vietnam’s startup ecosystem thrives, scandals involving high-profile “sharks” from Shark Tank Vietnam serve as stark reminders of the risks lurking beneath success stories. From Shark Nguyen Ngoc Thuy (Egroup Chairman) to Shark Pham Van Tam (former Asanzo Chairman), and now the controversies surrounding Shark Nguyen Hoa Binh (NextTech Group), these once-celebrated figures now symbolize costly lessons in transparency, business ethics, and legal compliance. Their downfall shakes investor confidence and reverberates across the entrepreneurial community.
Shark Nguyen Ngoc Thuy, founder of Apax Leaders English centers, was once celebrated for his generosity toward education startups. Yet behind his charismatic persona lay a complex financial web involving phantom shares, property-for-equity swaps, and fictitious collateral used to defraud investors.
Investigations reveal that from 2015–2023, Thuy orchestrated schemes through Egame Company, selling non-existent Egroup shares and issuing fraudulent bonds totaling trillions of VND. Thousands of investors now face losses as defaulted bonds remain unpaid.
In September 2025, authorities arrested Thuy on charges of fraud and bribery, expanding the case to include 19 accomplices. The fallout extends beyond investors—Apax Leaders’ abrupt closures left students stranded and teachers unpaid, tarnishing a once-prestigious education brand.
Shark Pham Van Tam.
Another Shark Ensnared: Tax Evasion and Smuggling Charges
While Thuy’s case centers on financial deception, Shark Pham Van Tam faces allegations of tax evasion and smuggling. Prosecutors accuse Tam of orchestrating off-book transactions through shell companies, evading over 15.7 billion VND in taxes.
In September 2025, a Ho Chi Minh City court sentenced Tam to 4.5 years for smuggling (valued at 414 million VND) and fined him 2 billion VND for tax evasion—charges he denies.
Once revered as entrepreneurial icons inspiring Vietnam’s youth, Sharks Thuy and Tam now embody cautionary tales. Their rapid descent underscores the fragility of reputation when integrity falters. These cases demand renewed scrutiny of corporate governance and regulatory oversight in Vietnam’s booming business landscape.
Police at the headquarters of Shark Binh’s company. Photo: Thanh Phong
Fraudulent Land Sale Scam Lands Miss Ha Linh in Prison for 18 Years
Deceptive practices in the sale of land plots to defraud buyers have led to the prosecution of Nguyễn Thị Dung (also known as Á hậu Hà Linh), the second runner-up in the 2022 Miss Global Vietnamese Mrs. Pageant.
Breaking: Real Estate Fraud Scandal Lands Beauty Queen in Prison for 18 Years
Hà Linh, known by her real name Nguyễn Thị Dung, is the second runner-up of Miss Mrs. Vietnam Global 2022 and the Director of HD Land. She has been found guilty of fraudulent practices in the sale of land plots, embezzling over 5 billion VND.
Vietnamese Startup’s Flood-Proof Car Solution: Waterproof Tarps Transform Vehicles into Boats, Lifting Up to 1,800 kg Trucks, Sparking Shark Tank Frenzy
At the time of their 2021 funding pitch, the pricing ranged from $180 to $230, depending on the vehicle size.
Proptech Real Estate CEO Passes Away at 41
Remaps Corporation announced that on the morning of September 25, 2025, Mr. Lê Minh Đức, Founder & CEO of Remaps, passed away at the age of 41.
Exposing a Massive Fraud Ring: Uncovering a Multi-Billion Dollar Loan Scheme with Exorbitant Interest Rates
Customers who borrowed money from Dang Thi Hoai at high interest rates included Le Thi Thu, an individual previously arrested for “Fraudulent Appropriation of Property.”
