Shark Thủy and 28 other defendants are being prosecuted for embezzling 7 trillion VND, with 2 billion VND already recovered.

The Supreme People's Procuratorate has indicted Shark Thủy and 28 other defendants for bribery and fraudulent appropriation of assets totaling over 7.677 billion VND. The indictment clearly states the acts of transferring shares exceeding the charter capital.

Recently, the Procuratorate officially completed the indictment, prosecuting Mr. Nguyen Ngoc Thuy (Shark Thuy), Chairman of the Board of Directors of Egroup , and 28 accomplices. The defendants are accused of involvement in acts of fraud, bribery, and giving bribes, causing significant financial losses to thousands of investors.

According to the case file, although the actual charter capital of Egroup Corporation was only 32 billion VND, equivalent to 3.2 million shares, Shark Thủy directed a fundraising campaign exceeding the actual scale. From 2015 to 2023, Egroup issued and sold more than 209 million shares – far exceeding the charter capital – to 10,063 investors through more than 26,000 contracts, raising a total of 7,765 billion VND.

Specifically, the actual shareholding group consists of 3.2 million shares transferred to 60 investors, with an outstanding principal debt of 87 billion VND. Meanwhile, the "fictitious" shareholding group, exceeding the charter capital, with over 206 million shares, was sold to 10,063 investors, defrauding them of more than 7,677 billion VND. All of this money was managed separately and not accounted for in tax reports or financial statements to avoid scrutiny from regulatory authorities.

The indictment also indicates that, from the end of 2020, when the system began to encounter difficulties, Shark Thủy applied a Ponzi scheme: using 70% of newly raised funds to repay principal and interest to old investors, in order to maintain trust and conceal losses. The remaining approximately 30% was used for personal purposes and business operating expenses, including paying off bank loans, personal debts, rent, and transferring funds to companies owned by Thủy or registered under others' names to increase his personal equity.

As a consequence, Egroup and Egame fell into a serious financial imbalance, no longer able to repay investors. Of the total amount of over 7.677 billion VND allegedly embezzled, Shark Thủy has only repaid over 2 billion VND to date.

In addition to stock-related fraud, authorities have also recorded numerous other forms of fundraising, leading to thousands of complaints from investors, totaling trillions of VND. Specifically: Bond issuance: 1,249 complaints, over 1,601 billion VND. Business cooperation: 1,102 complaints, over 535 billion VND. Restructuring of English language centers: 309 complaints, over 101 billion VND. Collection of Apax English tuition fees: 619 complaints, over 29 billion VND.

Due to the expiration of the investigation period, the Ministry of Public Security's investigative agency has separated these matters for processing in the next phase. Regarding management responsibility, although Egroup showed signs of inflating its charter capital from 32 billion VND to over 962 billion VND in 2016, the investigative agency did not have sufficient grounds to prosecute individuals at the Hanoi Department of Planning and Investment (formerly, now the Hanoi Department of Finance). However, the Ministry of Public Security has recommended that the Hanoi Department of Finance strengthen inspection and supervision of businesses to prevent capital fraud and illegal fundraising in the future.

With this case, authorities emphasized the seriousness, wide scope, and enormous amount of damage, and urged investors to exercise caution and conduct thorough research before participating in any form of investment to avoid falling into illegal fundraising schemes.

Shark Thủy faces charges for a series of serious crimes, revealing a multi-billion dollar stock fraud scheme. Lan Chi08:22:45 24/12/2025The indictment of Shark Thủy and 28 other defendants on a series of serious charges is causing a public uproar. The indictment reveals how they sold fictitious shares, created fake revenue, and misused trillions of dong for many years.