Thủy is the head of the education firm Apax Holdings, language school Apax Leaders and Egame Investment and Distribution JSC.

The news of the arrest was announced by Lieutenant General Tô Ân Xô, speaker of the Ministry of Public Security (MPS). According to the MPS, Đặng Văn Hiền, a right-hand man of Thủy and Head of Shareholders Relations for Egame, was also arrested yesterday.

Thủy and Hiền's arrests came after letters of denunciation from investors claiming Thủy was committing fraud through his transfer of shares in Egroup Education Corporation.

The MPS's Investigation Bureau is now expanding the investigation and applying legal measures to recover assets.

Lieutenant General Xô told a press conference yesterday: "To ensure the rights of victims, investigating authorities request those who have purchased shares from Thủy's company, and still have outstanding debts, promptly provide documents and information to assist in the investigation."

Thủy, better known as 'Shark' Thủy, was one of the investors who appeared on the TV show 'Shark Tank Việt Nam', where young entrepreneurs and start-ups came looking for money.

Thủy is the founder and chairman of the board of directors - CEO of Egroup Corporation, chairman of the board of directors of Apax English Joint Stock Company.

In 2023, Thủy was accused by many of deceiving and embezzling billions of VNĐ through various deposit contracts.

Many parents who enrolled their children in the Apax Leader English centre system run by Thủy also reported being asked to pay tuition fees upfront. However, after some time, the centres suddenly closed or switched to online teaching, a move that led to outrage among parents in Hồ Chí Minh City, Hà Nội, Đắk Lắk, and Đà Nẵng, who complained about the lack of quality and responsibility.

The parents then demanded refunds of tuition fees. Numerous teachers were also left out of pocket after their salaries were not paid.

Thủy was also involved in an investigation by the Hồ Chí Minh City Police in 2023 after parents filed complaints to authorities. — VNS