Shark Thuy appropriated nearly 7,700 billion VND from more than 10,000 investors.

QNgTV- The Investigation Police Agency - Ministry of Public Security has just issued the conclusion of the investigation into the case of "Fraudulent appropriation of property, bribery, and bribery" that occurred at Egroup Corporation and related companies, proposing to prosecute 29 defendants. Among them, Nguyen Ngoc Thuy, Chairman of the Board of Directors and General Director of Egroup, was proposed to be prosecuted for 2 crimes of "Fraudulent appropriation of property" and "Bribery".

Mr. Nguyen Ngoc Thuy (photo: Egroup)

According to the investigation conclusion, from 2015 to 2023, Nguyen Ngoc Thuy directed his subordinates to transfer 209 million virtual shares to more than 10,123 investors, corresponding to 26,354 contracts, appropriating a total of nearly 7,700 billion VND. 70% of this amount was used to pay interest and principal to investors, the remaining 30% was spent on personal debt, business operations and other expenses, not invested in English centers or schools as committed.

The investigation agency determined that Mr. Thuy was the mastermind, directing his subordinates to create legal documents, inflate charter capital and create fake revenue. Egame employees and subsidiaries were assigned to attract and account for cash flow but kept it off the books, serving the purpose of misusing investors' money.

Mr. Thuy confessed that the sale of shares exceeding the charter capital began in 2017, and at the same time directed employees not to disclose the actual financial situation to mobilize capital, leading to the education system in the Egroup ecosystem not being invested in, causing losses of thousands of billions of VND for investors.

Source: https://quangngaitv.vn/shark-thuy-chiem-doat-gan-7-700-ty-dong-cua-hon-10-000-nha-dau-tu-6510488.html