Shark Thuy Prosecuted by Ministry of Public Security for Fraudulent Appropriation of Property
Information from the press conference held by the Ministry of Public Security on the morning of March 26th revealed that Lieutenant General To An Xo, the spokesperson for the Ministry of Public Security, announced that the Police Investigation Agency has initiated prosecution and temporarily detained Mr. Nguyen Ngoc Thuy, also known as Shark Thuy, the Chairman of EGroup Education Company, along with Dang Van Hien, the Head of the Investor Relations Department of EGame Company, on charges of fraudulent appropriation of property.
From Billionaire to Criminal: The Downfall of Shark Thuy
Shark Nguyen Ngoc Thuy, born in 1982 in Hanoi, serves as the Chairman of Egroup and currently holds the position of General Director at Apax English Joint Stock Company.
He gained prominence as a self-made entrepreneur, having left college to establish a billion-dollar corporation from the ground up. Widely recognized for his role as a main investor on the Shark Tank Vietnam program, Mr. Thuy has been a notable figure in the business world.
However, in 2023, Shark Thuy faced allegations from numerous individuals accusing him of fraudulent appropriation amounting to trillions of dong through various contractual schemes involving deposits. Additionally, his network of Apax Leader English centers was embroiled in controversy, with reports emerging of parents being required to pay tuition fees in advance. Subsequently, some centers abruptly closed or transitioned to online teaching, sparking further scrutiny and public outcry.
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