Once celebrated as inspirational figures within Vietnam’s entrepreneurial community, business leaders like Nguyen Hoa Binh (Shark Bin”), Nguyen Ngoc Thuy (Shark Thu”), and Pham Van Tam (Shark Ta”) are now facing prosecution in major financial scandals. Once hailed as icons of the “Vietnam startup dream,” they are now entangled in legal battles for crimes ranging from fraud and money laundering to bribery and tax evasion.

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From left: Pham Van Tam, Nguyen Hoa Binh, and Nguyen Ngoc Thuy. Photos: V.A

From role models to criminal indictments

Most recently, the Ministry of Public Security’s investigative agency recommended the indictment of Nguyen Ngoc Thuy, Chairman and CEO of Egroup and Egame, on charges of fraud and bribery.

Investigators found that Thuy had instructed subordinates to issue and transfer 206.5 million fictitious shares to over 10,000 investors, defrauding them of more than USD 310 million (approx. 7,677 billion VND).

Most of the funds were used not for educational investment - as advertised - but to pay previous investors in a Ponzi-like cycle and cover personal and operational expenses. The Egroup-Egame network misled clients by advertising flexible investment terms, guaranteed annual returns of 15–20%, and share-based security - none of which were real.

The initial interest payouts encouraged more investment and led investors to recruit friends and relatives, trapping over 10,000 individuals in losses.

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Suspect Nguyen Ngoc Thuy in police custody. Photo: Ministry of Public Security

Shark Binh and the digital wallet scandal

On October 14, Hanoi Police arrested Nguyen Hoa Binh, Chairman of NextTech Group, on charges of fraudulent appropriation of assets.

Since May 2021, Binh and his associates had promoted the Antex crypto project, encouraging investments in the VNDT coin and associated digital wallets. But rather than executing the promised roadmap, the group allegedly siphoned funds from roughly 30,000 investor wallets, converting the money into Vietnamese dong and splitting it among themselves. Some funds were funneled into businesses within the NextTech ecosystem.

Investigators report the case caused “especially serious financial damage.”

Shark Tam and the smuggling and tax evasion scheme

In June 2024, Ho Chi Minh City Police charged Pham Van Tam, former Chairman of Asanzo, with tax evasion and smuggling.

From 2017 to mid-2019, Asanzo allegedly evaded taxes amounting to USD 635,000 (15.7 billion VND). Tam also used Sa Huynh Company to smuggle 1,300 ovens into Vietnam.

In September 2024, the court sentenced Tam to 4 years and 6 months in prison for smuggling and fined him USD 81,000 (2 billion VND) for tax evasion.

A predator’s playbook: Trust, image, and manipulation

In just two years, three of Vietnam’s best-known “Sharks” have been indicted and arrested, leaving behind thousands of victims. Their strategies were sophisticated: from crafting pristine public personas to offering irresistible investment promises, these tactics reveal how the boundary between business success and criminality can be dangerously thin.

The lesson for investors is clear: never base financial decisions solely on someone's reputation or media image. Without transparency, verified information, and independent validation, a moment of misplaced trust can cost an entire life's savings.

T. Nhung