Nguyen Ngoc Thuy - also known as “Shark Thuy,” Chairman and CEO of Egroup and Egame - faces prosecution for fraud and bribery, following explosive allegations made by none other than his own chief financial officer.
The case, involving the Egroup Education Group and related entities, centers on serious charges of fraud, bribery, and embezzlement. Thuy and Nguyen Manh Phu, Egroup’s finance director and also chief accountant of Egame, are both facing indictment.
Notably, Phu was the one who came forward, accusing Thuy of orchestrating a scheme to falsify revenues by bribing Tong Thi Kim Lien, director of Nhat Tran Company. According to investigators, Phu’s report was instrumental in exposing the bribery and the fraudulent practices involved. As a result, prosecutors have been advised to consider leniency when sentencing him.
Phu testified that in mid-2016, Thuy expressed a desire to enhance Egroup’s image by inflating its business activity and revenue. The goal: to attract investors and facilitate capital raising.
Through personal connections, Thuy arranged a meeting with Lien, who ran a high-revenue telecom card business in Ho Chi Minh City. The proposal was for Lien’s company to simulate large-scale phone card purchases to fake Egroup’s income.
Phu was present at the meeting where Lien agreed - under one condition: she would...
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