As previously reported by VietNamNet, the Ministry of Public Security’s Investigation Police Agency has completed its investigation into a major criminal case involving charges of “fraudulent appropriation of property, bribery, and acceptance of bribes” at Egroup Education Group JSC, Egame JSC, Nhat Tran Services & Trading JSC, and several affiliated companies.

A total of 29 individuals are being recommended for prosecution on charges of fraud, bribery, and accepting bribes.

Nguyen Ngoc Thuy - better known as “Shark” Thuy - Chairman and CEO of both Egroup and Egame, has been named as a suspect and faces charges of fraudulent appropriation and bribery.

Investigators determined that 341 sales agents collectively raised over 4.2 trillion VND (approx. USD 173 million) from 6,642 clients.

Between 2021 and 2022 alone, these agents knowingly misused customer funds - diverting 70% of the raised money to repay existing investors - while continuing to solicit 2.3 trillion VND (approx. USD 94.5 million) from 3,000 new clients.

The behavior of these 341 salespeople mirrored that of 23 previously indicted team leaders. However, investigators noted that these individuals were wage-earning employees, acting under direct instructions from the 23 business managers - who in turn followed orders from “Shark” Thuy. Their motivation was to earn brokerage commissions.

During that period, sales agents were not paid a base salary and earned commissions only when clients signed investment contracts. As of October 15, 2025, the 341 agents had repaid over 33 billion VND (approx. USD 1.35 million) of the 77 billion VND (approx. USD 3.15 million) they earned in commissions from 2021 to 2022.

Applying Resolution 03/2020 of the Supreme People’s Court, investigators differentiated the actions of these individuals and decided not to pursue criminal charges against them.

An additional 169 former agents, who left the company before 2021, were found to have helped raise 2.49 trillion VND (approx. USD 102 million) from 4,942 investors. Because they were no longer employed at the time the misuse of funds began, investigators concluded there was insufficient evidence to charge them criminally.

Authorities and oversight issues

Regarding the Hanoi Department of Planning and Investment’s role in the overstatement of Egroup’s charter capital, investigators found no evidence that the agency was aware of the inflation of capital figures.

From 2014 to 2016, the department had issued directives to district governments to plan and conduct inspections on at least 5% of local enterprises. Given this framework, there was not enough basis to assign criminal responsibility to the department.

However, the investigators have issued a recommendation to Hanoi’s Department of Finance, urging them to tighten oversight and require local registration offices and ward authorities to inspect businesses with unusually high or rapidly increasing capital.

Multiple fraud methods under investigation

In addition to equity sales, police received 1,249 complaints alleging 1.6 trillion VND (approx. USD 65.6 million) in fraud through bond issuances.

Another 1,102 complaints reported losses totaling 535.7 billion VND (approx. USD 22 million) through “business cooperation” schemes.

There were also 309 complaints of 101.6 billion VND (approx. USD 4.16 million) allegedly stolen via English center “restructuring contracts,” and 619 complaints alleging 29.8 billion VND (approx. USD 1.22 million) in fraud related to tuition fee collections.

The Ministry of Public Security’s Investigation Police Agency has decided to separate these allegations for further investigation.

T. Nhung