Vietnamese education mogul indicted for massive fraud affecting thousands of investors
The Supreme People's Procuracy has charged Thuy, chairman and CEO of Egroup Education Group JSC, with large-scale fraud and bribery, accusing him of siphoning billions of dong from over 10,000 victims.
Vietnam's Supreme People's Procuracy has formally indicted Thuy, the chairman and CEO of Egroup Education Group JSC, on charges of fraud to appropriate property and bribery. After an initial indictment in December 2025, investigators resumed a supplementary inquiry on July 27, expanding the list of accused to include Tong Thi Kim Lien, chairwoman of Nhat Tran Company, and 27 other employees from related firms. Prosecutors claim Thuy directed staff to overstate Egroup's charter capital and create false revenue, then sold sham shares to investors, pocketing the funds while promising buy-backs.
The scheme allegedly harmed more than 10,000 victims, with a bribe amount cited at nearly VND32 billion. The case will be tried before the Hanoi People's Court.
Why it matters
The case highlights systemic fraud in Vietnam's private education sector and its impact on thousands of investors.
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