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EGroup chairman arrested on fraud charges

The Saigon Times

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HCMC – Nguyen Ngoc Thuy, aka Shark Thuy, chairman of EGroup Education Group Joint Stock Company, has been arrested on alleged charges of fraudulent appropriation of property.

Lieutenant General To An Xo, spokesperson for the Ministry of Public Security, announced the arrest of Thuy during a press briefing this morning, March 26.

Nguyen Ngoc Thuy, a 42-year-old resident of Hanoi City, is chairman of EGroup and general director of Apax Holdings Joint Stock Company. He has gained recognition as a successful businessman who forwent university education to build a business empire worth thousands of billions of Vietnam dong.

Thuy gained further prominence as an investor on Shark Tank Vietnam, earning him the nickname “Shark Thuy.”

In 2023, allegations emerged accusing Thuy of committing fraud to misappropriate billions of Vietnam dong through deposit agreements.

The Apax Leaders English Center chain, which was founded by Thuy, faced numerous issues. Parents whose children attended these centers reported paying tuition fees only for the centers to abruptly close or transition to virtual courses.

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