Apax Leaders English school boss accused of $295M fraud
Nguyen Ngoc Thuy, who ran English language school Apax Leaders, is accused of appropriating VND7.677 trillion (US$295 million) from more than 10,000 people and bribing a business partner to fake his company's revenue.
The Ministry of Public Security's Police Department for Investigation of Corruption, Economic and Smuggling Crimes concluded a supplementary investigation into the case of Apax Leaders English school boss Thuy and 28 others on September 22. The Supreme People's Procuracy indicted all 29 in December 2025, returning the file to police for further investigation.
Thuy, chairman and CEO of Egroup Education Group JSC, is accused of fraud and bribery, as are finance director and chief accountant Nguyen Manh Phu, and chairwoman and CFO of Nhat Tran Trading and Service JSC Tong Thi Kim Lien. The indictment alleges Thuy inflated Egroup's charter capital from VND32 billion to VND962.5 billion and used Egame to sell non-existent shares, pocketing the proceeds while directing 70% of the money toward paying earlier investors and personal debts.
Lien allegedly accepted an annual fee and costs from Egroup in exchange for fictitious sales, booking VND2.3 trillion ($87 million) in fraudulent revenue from December 2016 to September 2021.
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