Nguyen Ngoc Thuy to face trial in 8.4 trillion VND fraud case

The Hanoi People's Court has scheduled a trial starting December 1 for Nguyen Ngoc Thuy, also known as Shark Thuy, and 28 other defendants. The case involves allegations of fraud and bribery related to Egroup Company and its affiliates, with total losses estimated at over 8,459 billion VND affecting more than 10,000 victims.

According to allegations, Thuy, the Chairman and General Director of Egroup, directed employees to artificially inflate the company's charter capital from 32 billion VND to 962.5 billion VND starting in 2014. The group also allegedly created fictitious revenue, accounting for approximately 70% of annual turnover, to present Egroup as a highly profitable multi-sector enterprise to attract investors.

Other defendants include Nguyen Manh Phu, CFO of Egroup, and Pham Thi Thanh Tho, Chief Accountant, who are accused of inflating capital and shares. Additionally, Tong Thi Kim Lien, Chairwoman and CFO of Nhat Nhat Trading Service Company, faces charges of receiving bribes, while 26 other defendants are being tried for fraud.