Victims of Apax Leaders English school boss's $327M fraud rise to 10,123

The Egroup case concerns allegations that Thuy used false financial information and fictitious shares to obtain money from investors. The Supreme People's Procuracy now alleges that Thuy and accomplices appropriated VND8.459 trillion from 10,123 victims between 2015 and 2023.

The case expanded after investigators conducted a supplementary investigation beginning July 27. The indictment alleges that Egroup's charter capital and revenue were inflated, making the group appear stronger than it was. Thuy then sold shares for VND38,000 each and promised to buy them back a year later for VND42,000.

The article does not identify one single event that produced the higher victim count. It reports that the alleged appropriation rose from VND7.677 trillion in the first indictment to more than VND8.459 trillion, while the revised case includes 10,123 victims. The case will be tried by the Hanoi People's Court.

“Fraud to appropriate property” describes an alleged scheme in which deception is used to obtain another person’s money or property. In this prosecution, the accusation is not simply that Egroup failed financially. It is that false information and arrangements allegedly helped Thuy obtain investors’ assets and use them for other purposes.

The indictment says Egroup’s charter capital rose artificially from VND32 billion to VND962.5 billion. Staff also booked fake revenue, reportedly equal to about 70% of annual revenue. Thuy allegedly sold fictitious shares for VND38,000 each and promised to repurchase them for VND42,000 after one year.

The alleged result was the appropriation of VND8.459 trillion from 10,123 victims between 2015 and 2023. The case also includes allegations that money from new clients was used to repay earlier clients. These are prosecution allegations that will be examined by the Hanoi People’s Court.

The supplementary indictment alleges that Thuy and his accomplices appropriated VND8.459 trillion from 10,123 victims. It also alleges that Thuy gave nearly VND32 billion in bribes. These figures show the alleged scheme’s financial scale and explain why the case involves many investors, employees, and related companies.

The first indictment put the alleged appropriation at VND7.677 trillion. After investigators conducted a supplementary investigation, the alleged amount increased to more than VND8.459 trillion. The article identifies the victims as people who invested or entered property-related arrangements connected with Egroup and Egame.

The bribe figure did not change. It remained nearly VND32 billion, involving Tong Thi Kim Lien, who is accused of receiving bribes. The revised case will be heard by the Hanoi People’s Court, which will assess the allegations and evidence.

The alleged mechanism began with financial figures that made Egroup appear large and successful. Thuy reportedly directed staff to inflate the company’s charter capital, helping him repay debts, fund personal spending, and keep the Egroup ecosystem operating. False figures could make investors view the group as more established than it really was.

Finance director Nguyen Manh Phu and chief accountant Pham Thi Thanh Tho allegedly raised stated charter capital from VND32 billion to VND962.5 billion. They also booked fake revenue equal to about 70% of annual revenue. Thuy then allegedly sold fictitious shares at VND38,000 each and promised to repurchase them at VND42,000 after a year.

Investors authorized Thuy to exercise their shareholder rights and obligations. The indictment alleges that this arrangement attracted money even though the shares were fictitious. From 2015 to 2023, prosecutors allege that VND8.459 trillion was appropriated from 10,123 victims.

The scheme became harder to sustain because its cash flow weakened. Between 2021 and 2023, Egroup’s Apax Leaders English centers and kindergartens closed. The article says incoming cash could no longer cover operating expenses and contracts that had reached maturity.

According to the indictment, Thuy then allowed 23 managers and team leaders overseeing 341 sales staff to use 70% of money raised from new clients to repay earlier clients who were still owed money. The remaining 30% went to the company. This shifted new money toward old obligations instead of solving the underlying shortfall.

That arrangement shows why continued fundraising became important to the alleged scheme. If fewer new clients paid, less money was available for earlier clients and company needs. The indictment alleges that, overall, Thuy and accomplices appropriated VND8.459 trillion from 10,123 victims between 2015 and 2023.

The Hanoi People's Court annulled earlier civil outcomes because the Ministry of Public Security requested it after supplementary investigation work in the Egame case. The annulled decisions included 18 civil judgments that had already taken legal effect and two decisions recognizing settlements between parties.

The judgments involved 21 victims in 18 cases, while the Hanoi court and 12 lower courts had issued 22 civil judgments overall. The article does not provide the individual reasons for each decision. It places the annulments within a criminal investigation involving alleged fraud and property transfers connected to Egroup and Egame.

The action matters because civil judgments and settlements can determine how victims pursue property or repayment claims. By annulling them, the court removed those earlier legal outcomes from the case. The article does not state what final civil process will replace them, but the criminal case will be tried by the Hanoi People's Court.

Charter capital is the amount a company states has been contributed by its owners or shareholders. Shares are units representing ownership interests in a company. A share buyback promise is an agreement or commitment to purchase those shares later, potentially giving investors a planned way to recover money.

These ideas can mislead investors when the underlying claims are false. In this case, the indictment says Egroup’s charter capital was inflated from VND32 billion to VND962.5 billion. It also alleges fake revenue and fictitious shares. Thuy allegedly sold the shares for VND38,000 and promised to buy them back for VND42,000 a year later.

Those figures could make the company seem larger and the investment seem to offer a clear return. The alleged problem was that the shares were fictitious, while the capital and revenue figures were false. Prosecutors allege that this method helped Thuy and accomplices appropriate VND8.459 trillion from investors.