Egroup Chairman Nguyen Ngoc Thuy prosecuted for fraud and bribery

Nguyen Ngoc Thuy, Chairman and CEO of Egroup Education Group, has been prosecuted for fraud and bribery. According to the Supreme People's Procuracy, Thuy directed the use of Egame Investment and Distribution JSC to raise funds through the fraudulent transfer of Egroup shares.

To facilitate the scheme, Thuy allegedly instructed Egroup's CFO to inflate the company's charter capital from 32 billion VND to 962.5 billion VND. The investigation revealed that over 51,400 billion VND was collected through more than 91,200 share transfer contracts involving 19,404 investors. Notably, 37 investors used 60 real estate properties, valued at over 815 billion VND, to pay for shares.

Regarding the workforce, 510 sales employees from Egame were involved in mobilizing nearly 4,800 billion VND. While 169 employees who left before 2021 were found unaware of the misuse of funds, 341 others continued working even as they became aware that new investor money was being used to pay previous investors. These 341 employees are not facing criminal charges, whereas 23 managers and team leaders have been accused of organizing the capital mobilization activities under Thuy's direction.